The Northern Aggregation forms part of the KAF Portfolio in Victoria’s Campaspe region and is being offered for sale by Kilter Rural. Photo: LAWD

KILTER Rural KAF Portfolio in Victoria, Excel Farms’ Boorala Aggregation in South Australia and Ridgeway Farms in central New South Wales are among the latest properties to list.

Excel Farms has already reduced its overall portfolio with the recent sale of the Karrara Aggregation in Vic’s Western District.

KAF Portfolio, Vic

Victorian-based natural capital investment manager Kilter Rural is hoping to raise upwards of $23 million for its large-scale irrigated and dryland cropping portfolio in Central Victoria.

The 1858ha KAF Portfolio is located in the Campaspe region, halfway between Stanhope and Kyabram and 19km from Rochester.

It is understood Kilter Rural is offloading the properties after purchasing a large holding near Tocumwal in New South Wales’ Riverina.

Aggregated over five years and suited to a range of agricultural enterprises including cropping cereals, canola and faba beans, the portfolio spans 12 properties across four aggregations known as Northern, Eastern, Southern and Central.

• 520ha Northern comprises three properties – Chessums, Des Mangan and Pykes – and has two homes and three sheds;
• 431ha Eastern comprises three properties – Morgan, Smiths and Butler’s – and has three homes and two sheds;
• 610ha Southern comprises three properties – Rendell, Rendell Dairy and Northausen – and has one home and two sheds; and,
• 297ha Central comprises two properties – Varcoe and J Mangan – and has a home and two sheds.

LAWD and Kevin Hicks Real Estate have been appointed to sell the portfolio for around $14,000-$15,000/ha.

Central Aggregation forms part of the KAF Portfolio being offered for sale by Kilter Rura, and includes an irrigation entitlement from the Greater Goulburn scheme. Photo: LAWD

Agent Kevin Hicks said there has been good inquiry from corporates and family farmers.

“During its ownership and with strong agricultural management, Kilter Rural has taken the properties to another level with the hard yards done for continuous broad-hectare dual-cropping programs.”

Across the aggregation, the extensively developed irrigation systems include 241ha of centre pivot, 271ha of sub surface drip and 483ha of high-flow flood with further opportunity for land class development.

In addition to modernising the irrigation systems, recent capital expenditure includes improved soil fertility through soil amelioration programs.

The Central Aggregation within the KAF Portfolio has access to 18,856ML from the 1A Greater Goulburn irrigation water.

The portfolio is being offered for sale in one line or any combination of individual landholdings by expressions of interest closing December 12.

Boorala Aggregation, SA

An institutional-scale farming opportunity in SA’s South East has been relisted as four separate holdings by Ararat-based Excel Farms and its Canadian investment-fund partner.

In April, LAWD and TDC Livestock & Property were appointed to sell the 2821ha Boorala Aggregation which at the time consisted of the 1980ha Boorala and the 841ha Manton.

Located 7km from Frances and 30km north-east of Naracoorte, close to the Victorian border, the holding was anticipated to make in excess of $37M.

The 841ha Manton has been carved off and the remaining 1980ha is available as four separate properties, each with its own price tag, or as a whole.

• 912ha Boorala – $14.06M. It has two four-bedroom homes, a four-stand shearing shed, a five-stand shearing shed, three sheep yards, sheds and 480-tonnes of grain storage;
• 434ha Cadgee – $6.4M. It is offered with a five-bedroom workers quarters and numerous sheds;
• 357ha Walkington West – $5.75M; and,
• 277ha Boorala North West – $4.5M.

The mixed farm is currently used for dual-purpose winter cropping of cereals, oilseeds, and faba beans, as well as prime lamb and cattle production.

The Boorala Aggregation is for sale as a whole or in four lots. Photo: LAWD and TDC Livestock & Property

The generally level country on Boorala is mostly level with a mix of fertile brown loams over clay with the primary focus on 1655ha of winter crop planted for the 2024 season.

Prime lambs and cattle are run on a mixture of high-performing improved perennial phalaris and ryegrass pastures.

Last year, Boorala was running 3300 ewes and trading 28,000 lambs and 1400 cattle.

By increasing the 2024 cropping program, the aggregation is currently running 4500 ewes and trading 7500 lambs and 180 cattle.

Situated in a reliable rainfall district, water is supplied by bores, dams and seasonal creeks.

Significant capital expenditure programs have focused on cropping efficiencies, pasture development, water infrastructure, soil amelioration, fencing and laneways, as well as infrastructure.

Transaction history

This will be the third time in five years that Boorala has changed hands.

In March 2019, after more than 100 years of Tate family ownership, Duxton Farms paid $15M walk in walk out for Boorala, or $13.6M bare.

In December 2020, it was sold to Excel Farms for $22M bare, with the property settling in April 2021 following FIRB approval.

The agents said the current price expectation reflects the significant capital expenditure spent by Excel Farms during its three-year tenure.

Karrara Aggregation

Meantime, a South Australian family has paid around the $20M asking price for Excel Farms’ 967ha Karrara Aggregation in Victoria’s renowned Western District.

Elders agent Rob Rickard was unable to disclose the buyer or the price paid, but did say Karrara was purchased to compliment the family’s existing operations.

“Karrara was one of the largest sales in the Western District negotiated this spring,” Mr Rickard said.

“It is a large-scale parcel of land in an 890mm rainfall area that is traditionally dairy country.”

Highly improved and well developed, the versatile mixed farm is used to breed and fatten cattle but is also suited to a broad range of agricultural pursuits such as dairy, beef or sheep.

Located near Ecklin South, 30 minutes from Warrnambool, the aggregation incorporates the 558ha Karrara Farms and the 408ha Acacia Downs capable of running 20,000 dry sheep equivalents.

The gently rolling arable land has highly fertile soils, mostly basalt over clay, established to perennial and annual pastures and reliably watered by six bores.

The Karrara Aggregation in Victoria’s Western District is well set up for livestock after significant investment from vendor Excel Farms. Photo: Elders

Once again, during its tenure, Excel Farms has carried out significant capital expenditure focussing on lime, gypsum, water systems, drainage, perennial pasture development, infrastructure and a laneway network.

Improvements include six recently renovated homes, newly constructed undercover yards complex, sheep yards, a shearing shed, workshop and substantial grain storage.

The sale was handled by agents from LAWD and Elders.

Recent purchases

February 2024: Excel Farms reportedly paid $24M for five adjoining properties set up for both cropping and grazing in Western Australia’s Great Southern region. The 5937ha Echidna Ridge is the company’s second major purchase in Pingrup.

February 2023: Secured the 12,000ha Southwark Soaks holding, which it renamed Cairlocup.

November 2023: Excel purchased the 26,839ha Ballandry Aggregation, comprising 16 dryland cropping properties, north of Griffith in New South Wales’ Riverina. The property has an annual cropping program of 21,833ha and was reportedly sold for around $120M.

January 2023: Excel paid more than $100M on a WIWO basis for Cherylton Farms, an institutional mixed farm also located in WA’s Great Southern region. The 8554ha holding spans two non-contiguous high-performing enterprises based on dryland cropping, sheep, lamb, and cattle.

Ridgeway Farms, NSW

Sam Martel and Brett Cumberland are asking $5.2M for their prime cropping country in New South Wales’ central west.

The 1533ha Ridgeway Farms, located 14km north-west of Tottenham, is being sold by the pair after three years ownership to allow them to consolidate their assets.

Featuring red loam kurrajong country, around 95 percent is arable and growing wheat, barley, canola and lupins.

Flemings agent Richard Fleming said Ridgeway Farms has benefited from crop rotation and weed management and is likely to attract inquiry from locals seeking expansion.

Ridgeway Farms is on the market for $5.2M. Photo: Flemings

Ridgeway Farms is serviced by six dams and 150,000 litres of tank water, supported by 490mm of average annual rainfall.

Infrastructure includes a three-bedroom home, machinery and hay sheds, 10 silos, and steel cattle yards.

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