Property

Mallee locals buy Arkana to set new district record over $3700/ha

Grain Central, April 16, 2020

Harvest on Arkana, an aggregation in the northern Mallee which has sold to local farming interests. Photo: CBRE

FIVE LOCAL producers have purchased land parcels in the Arkana Cropping Aggregation in Victoria’s northern Mallee region for a combined total of almost $13 million.

The Bridge family’s 4223-hectare aggregation in Panitya was listed for sale earlier this year for the first time, the family having owned and operated a farm on the site since 1965.

The sale of parcels north of Bridge Road for in excess of $3700/ha has set a new pricing benchmark for the well-regarded cropping region, with the average across the eight sites
being $3060/ha.

Located 11 kilometres south-east of Pinnaroo in South Australia, the landholdings are suited to winter crops including wheat, barley, rye, peas, lentils, lupins and canola.

The buyers will have access to their lots for the cropping season now getting under way.

CBRE Agribusiness’s Phil Schell and Angus Bills managed the sale on behalf of the Bridge family.

“The sale is a great result for the Bridge family, which is selling up after more than 50 years at the site,” Mr Schell said.

“There was significant interest in the aggregation, with local producers keen to take advantage of the rare opportunity to expand their operations, along with corporate and institutional parties.

“That demand helped set a new pricing benchmark in Mallee for the better cropping land.”

Mr Schell said locals were stronger on pricing than corporates, and the aggregation attracted 50 inquiries resulting in 18 inspections.

“It’s a show of confidence in the region.”

The sale settles next month, and a licence to occupy allows all purchasers to be on the property now to take advantage of the subsoil moisture received in two rains for 2020 totalling approximately 48 millimetres.

Underpinned by soil types including red brown loam and sandy loam over clay, and accompanied by areas of limestone, 94 per cent of the Arkana aggregation is arable.

The aggregation receives an average annual rainfall of 325-350 millimetres and features several improvements, including a family home, a four-stand shearing shed with adjoining sheep yards and an array of implement sheds and silos.

Its blocks range in size from 259ha to 1358ha.

Source: CBRE

 

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