Parkdale Aggregation sells to interstate interest

Grain Central, August 10, 2020

Vendor Wally Taylor (centre) with agents Clayton Smith of JLL and Michael Jakins of Nutrien. Photo: JLL

THE Parkdale Aggregation just south of the New South Wales-Queensland border has sold to an interstate buyer for an undisclosed amount to end 100 years of family ownership for vendor Wally Taylor.

The 2950-hectare holding has water entitlements totalling 8932 megalitres which alone are thought to be worth in excess of $20 million, and have helped to make Parkdale a cotton and dryland property of renown.

Parkdale straddles the Newell Highway 15 kilometres south of Goondiwindi on the Whalan Creek floodplain.

The sale was handled by JLL agribusiness director Clayton Smith and Nutrien Harcourts’ Andrew Jakins.

“JLL cannot comment on the price or the buyer details but it was an interstate-based domestic private family who out-bid the corporate and overseas interest,” JLL said in a statement.

The property sold via an expressions-of-interest campaign which closed on July 31.

“A strong response to the advertising campaign was evident, with more than 40 parties showing interest and a culmination of eight formal offers received,” Mr Smith said.

“We had interest from every sector, with offers coming from both corporate and the private domestic sectors.”

Mr Smith said three “outstanding offers” for the whole aggregation were received.

“The rare opportunity to secure a large Border Rivers irrigation entitlement was attractive to irrigators and investors alike.

“We saw practicality win the day, as the water entitlement underpinned the overall asset considerably.”

The deal will settle next month, in time for the new owner to plant cotton in the upcoming season after the 1300ha of winter crop in ground have been harvested.

JLL said Mr Taylor was happy the aggregation would not be broken up, and was looking forward to scaling down to concentrate on more passive investments.

Parkdale was sold bare. Plant and equipment will be sold in an online machinery dispersal sale next month.

Source: JLL




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