Property

European investor expands with Fairholme purchase

Grain Central, December 4, 2023

Fairholme Aggregation in the Lachlan Valley has sold to a European investor. Photo: LAWD

A EUROPEAN investor has paid more than $30 million for the Fairholme Aggregation, a blue-ribbon Lachlan Valley irrigation enterprise in the Central West of New South Wales.

It follows their purchase of the prized Cootamundra property Gilgal Station.

As with Gilgal, the Fairholme Aggregation will be managed by agricultural asset management company Impact Ag through its Agri Carbon Investments joint venture with SLM Partners.

The investor is believed to be the family-backed Lukas Asset Management’s Land und Fortwirtschaft fund, which already has assets in agriculture and forestry and is based in Germany.

Fairholme Aggregation covers 3786ha, and is situated 25km east of Condobolin and 65km west  of Forbes.

Described by selling agent LAWD as a first-class irrigation development, the dryland cropping and livestock breeding and finishing operation comprises two landholdings: The Island and Fairholme.

The 1428ha The Island, owned by Sean Duggan, is believed to have achieved around $11M.

With 6.5km of Lachlan River frontage, the property is developed to 670ha of lateral and centre-pivot irrigation, 77ha of highly developed flood irrigation, and 344ha has been identified for irrigation potential.

The Island has grown cotton in recent years. Photo: LAWD

It has grown cotton, and its dryland country grows wheat, barley, and canola.

The adjoining 2358ha Fairholme, owned by a conglomerate of five local parties, is understood to have made around $19M.

Fairholme has been operated as a cattle-finishing enterprise using pastures and silage grown under irrigation as supplementary feed.

In a mixed-farming platform of dryland cropping and cattle breeding, Fairholme can run up to 400 cows and 150 weaners.

At the time of sale, 160ha was under centre-pivot irrigation, and 310ha was under border check flood irrigation.

A further 500ha is classed as suitable for irrigation, while 1253ha is dryland arable, and grazing and support land covers 135ha.

Infrastructure includes a 1900t grain storage, fertiliser storage and machinery sheds, a four-stand shearing shed and undercover cattle yards.

The sale of the Fairholme Aggregation included significant water entitlements: 472ML of Lachlan regulated river water; 184ML of Jemalong Irrigation Scheme general security water; 900ML of delivery entitlements, and 2000ML of Lachlan alluvial groundwater.

 

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