ARKLE FARM’S Paul and Deidre Cowan have listed their large-scale mixed farm in Western Australia’s highly regarded South Coast region with hopes of raising around $95 million.

The 9048ha Lake Shaster Aggregation, comprising the adjoining 4727ha Lake Shaster North and the 4321ha Lake Shaster South, is located 37km east of Hopetoun and 115km west of Esperance.

It is close to grain receival sites at Munglinup and Esperance, livestock markets at Mount Barker and Boyanup, and export abattoirs at Bunbury, Harvey, and Cowaramup.

The Cowans are private high net worth Australians living in Switzerland, and own other grain and livestock enterprises.

It is understood the Cowans’ 4750ha Bedford Harbour South, also in WA, which was also due to be listed, has recently been leased.

Lake Shaster was offered to the market in June 2023 as part of Project Jaal, an institutional-grade mixed-farming portfolio spanning close to 43,000ha across two states; at the time, it was expected to achieve around $400M.

It is understood 16,097ha of Victorian cropping country was split up and sold by the Cowans.

Reputed to be the largest contiguous holding in Vic, it was capable of producing more than 60,000 tonnes of wheat, oats, barley, lentils, lupins, vetch, chickpeas and canola on an annual basis.

Offshore, local interest expected

Most of the interest for the Lake Shaster Aggregation is anticipated to come from North American investment pension funds, family offices in Europe, Australian super funds and Australian high net-worth families.

Around 77 percent, or 6985ha, of Lake Shaster is considered arable, including 3855ha (82pc) at Lake Shaster North and 3130ha (72pc) at Lake Shaster South.

According to the vendor, the enterprise delivers 3.3t/ha of wheat, 3.4t/ha of barley and 2.4t/ha of canola.

It is farmed through an intensive rotational farming system typically sown during April and May and harvested during October through to December.

Topography across the aggregation is generally level to undulating.

The northern portions of both properties comprise grey deep and shallow sandy soils, with some pale deep sands and deep sandy gravels.

The southern portions comprise gently sloping rises with duplex, sandy gravels with associated grey deep sandy duplex soils and some pale deep sands.

Cattle component

Over the past four years, the aggregation has been transitioning towards mixed farming, with an increasing focus on breeding and backgrounding Angus cattle, including stud animals, heifers for future breeding, and heifers and steers for finishing on another property owned by the vendor.

Currently, the aggregation can support up to two breeders per hectare; however, numbers could be lifted by capturing rainwater runoff, irrigating fodder crops and resting grazing paddocks over the summer months.

Situated in a 518mm rainfall region, Lake Shaster is watered by three bores, two of them equipped, 43 dams, and numerous seasonal creeks.

Significant capital works have been undertaken across the aggregation, focusing on soil amelioration and earthworks as well as extensive fencing and structural development.

Infrastructure includes a four-bedroom home, two dwellings, two worker’s cottages, seasonal worker’s accommodation, numerous sheds, 2000t of silo storage and 1350t of fertiliser storage, as well as cattle and sheep yards.

LAWD agents Danny Thomas, Jaclyn Hope, Simon Wilkinson and Georgia Hole have been appointed to handle the expressions-of-interest campaign closing on July 10.

There is understood to be more than $10 million worth of plant and equipment available separately.

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