GROWTH Farms is offloading almost 5000ha of cropping, irrigation and grazing country in New South Wales and Victoria on behalf of an overseas investor.

The seven properties are located near Mullaley in northern NSW and Camperdown and Hamilton in south-western Victoria.

David Sackett, who manages the institutional investments for Growth Farms, said the properties sit in a fund that is being wound up after 10 years.

“Rather than rolling it over, the overseas entity no longer wants global exposure to agriculture and has chosen to wind up the fund upon maturity and return the capital to investors.”

Mr Sackett said the plan is to sell the properties, but made it clear it is not a forced sale.

“Growth Farms can easily extend the term of the fund if the price expectations aren’t met, and we will continue to operate them.”

Mr Sackett said the portfolio showcases commodities that Australia produces well on a global scale.

“It is diverse in commodity spread – producing dryland cropping and livestock – and location.

“This has enabled properties within the two aggregations to counterbalance each other – exactly how it was designed to perform.”

Carnarvon Aggregation, NSW

The 2832ha Carnarvon Aggregation is a large-scale dryland cropping and irrigation enterprise on the edge of the Liverpool Plains in northern NSW.

Aggregated over two years, it is located near Mullaley, south-west of Gunnedah.

The 1335ha Carnarvon block, which has double frontage to the renowned Cox’s Creek, was purchased in June 2015 for $10 million.

Today, the aggregation comprises two non-contiguous hubs 7km apart, the 2173ha Carnarvon, which comprisess Carnarvon, the 540ha Kairi and the 298ha Part Tourable, and the 659ha Dunroamin.

The mostly level, black basalt self-mulching country is described as typical good-quality Mullaley district country suited to growing a mix of summer and winter crops including cereals, oilseeds, legumes and cotton.

Across the holding, Carnarvon has 1764ha dryland cropping (750ha of wheat and 160ha of chickpeas – both available for sale), 108ha of centre pivot and 156ha of lasered irrigation underpinned by 1000ML from the Cox’s Creek and 850ML of on-farm water storage.

Moree Real Estate agent Paul Kelly has been appointed to sell the Carnarvon Aggregation.

He said the current management has introduced a simple farming system with optimum crop rotations, soil fertility, paddock sizes and a focus on returns which is attracting good interest, mainly from locals seeking expansion.

Mr Kelly was unable to disclose price expectations for the Carnarvon Aggregation, but said the arable land is being offered for $12,500/ha.

Growth Farms’ Mr Sackett said the three properties are being sold via an expressions-of-interest process.

“We are flexible, particularly in the timing because the summer crop will be planted in October and the winter crop will be harvested in November and December.”

Mr Sackett said the Carnarvon Aggregation boasts good soils and high rainfall and right now the properties have a full moisture profile and are well set up for summer planting.

“The four holdings have been integrated into large, simple farming blocks with control traffic over the aggregation.

“The soil fertility has been improved and the seedbank of weeds has been reduced.”

As the vendor, Mr Sackett said Growth Farms has done the hard yards in taking four disparate farms and turned them into very efficient, high quality cropping country ready for a farmer who wants to take them on.

“Growth Farms is disappointed to be selling these assets which are really hitting their straps now.”

“The winter crops are looking impressive, with cotton likely to yield 3.5 tonnes per hectare and sorghum around 5.4 tonnes per hectare,” Mr Sackett said.

Infrastructure

• Carnarvon has a three-bedroom home, numerous sheds, cattle yards, a 2800t grain-storage complex with a weighbridge, a grain dryer and an elevator, as well as 5000t of lasered grain bunkers and 300t of fertiliser and seed storage;
• Kairi has a four-bedroom home, a shed and 140t of grain storage; and,
• Dunroamin has 555ha of dryland cropping, with 550ha of canola  available for sale, a three-bedroom home, sheds and 240t of grain storage.

The Carnarvon Aggregation is being sold as a whole or as four separate parcels via EOI closing on October 10.

South-West Aggregation, Vic

Meantime, in excess of $17,000/ha bare is anticipated for the versatile high-rainfall South-West Aggregation spanning 2079ha.

Comprising the 799ha Cascaes, 794ha Warrong and 485ha Elwood, the three non-contiguous properties are currently run as three separate livestock holdings.

All are suited to beef, sheep, dairy, cropping and fodder conservation.

Mr Sackett said significant capital has been spent on productivity, including appropriate infrastructure, new laneways and improving pastures.

“The soil fertility on each of the farms is at, or generally in excess of, optimum for pasture production, so each of those farms is set up for someone to get very high levels of production from day one,” Mr Sackett said.

“Those things can’t be seen, but they make a material difference to the productivity of the farm.”

Elders agent Rob Rickard described the holdings as diverse and close to local abattoirs, milk-processing plants, saleyards, and regional centres at Warrnambool, Hamilton and Ballarat.

• Cascaes, located near Kariah and five minutes from Camperdown, has gently rolling country with arable clay loam soils and basalt rises. It is reliably watered by dams and bores. Infrastructure includes a four-bedroom home, a three-stand shearing shed, a cattle yard complex,
  sheds and grain silos;
• Warrong is 10 minutse from Koroit and 20 minutes from Port Fairy, and has grey loam soils to heavier black flats with established shelter belts and is watered by a bore. Extensive infrastructure includes a shearing shed, sheep yards, two steel cattle yards and two sheds; and,​
• Elwood, near Macarthur, has a balance of arable country including sandy loam, clay soils and black flats with established shelter belts. Water is supplied by a dam and a bore. Infrastructure includes a four-bedroom home, a two-stand shearing shed, sheep yards and steel cattle yards.

Cascaes, Warrong and Elwood are being offered for sale by EOI as a whole or as three individual properties closing on October 25.

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