Receiver lists Eyre Peninsula properties

Grain Central February 1, 2023

Woods is the largest holding of the three listed properties and features some structural improvements. Photo: CBRE

RECEIVER Heard Phillips Lieberenz has listed three properties on the Eyre Peninsula, South Australia, for sale with a combined price expectation of more than $5 million.

Grain Central understands the properties, totalling 6186ha, were owned by farmer and entrepreneur Mike Wake before going into receivership.

It is believed Mr Wake purchased two of the properties in the past 10 years.

The non-contiguous holdings are: Woods (3360ha), Jamiesons (1608ha) and Hutchens (1217ha), and all are located close to agricultural services in Kimba, Lock, Arno Bay and Cowell.

CBRE Agribusiness director Phil Schell and associate director Angus Bills are managing the sale via an expressions-of-interest campaign closing March 9.

“With an average annual rainfall of 321mm, the Eyre Peninsula region has long been renowned as one of the prime cropping regions of South Australia and is well suited for cereals, grain, legumes, oilseeds, and hay production,” Mr Bills said.

Soil types for the five titles include red-brown sandy loams, with sections of heavier sands on the rises.

“We’re expecting that the properties will attract local and out-of-district producers wanting to spread their current landholdings as well as high-net-worth business people looking to diversify their investments,” Mr Schell said.

The largest holding, Woods, has a total arable area of 1969ha, with water supply via SA mains and a dam.

Improvements include silos, sheep yards and sheering and machinery sheds.

Jamiesons’s total arable area is 919ha with stock water also provided via SA mains.

Approximately 997ha is considered arable on Hutchens with water provided by three earth dams.

Average annual rainfall for all three properties is 320-380mm.

History repeats

Regional sources have told Grain Central that Mr Wake has been down a similar path before.

“He disappeared for three or four years…and started back up again; the same thing has happened,” one source said.

Media reports say an entity owned by the Adelaide-based Wake Group went into voluntary administration and then receivership in 2012-13.

This put several thousand hectares of Eyre Peninsula farming land on to the market in early 2013.

An article in the South Australian No-Till Farmers Association’s Summer 2013 publication featured mallee planted for carbon sequestration as part of Mr Wake’s farming operations, which included the 3076ha Wattle Grove and the 1164ha Rockview, both bought in 2008.

A Stock Journal article from February 2013 said Wake Group had extensive holdings in the Buckleboo, Darke Peake and Rudall regions totalling more than 10,000ha.

Further matters

In the January 23 listing of civil matters in the Adelaide Supreme Court, Thera Agri Capital No. 2 Pty Ltd versus Thomas Michael Wake, Tessa Catherine Wake and others appeared.

On its website, Thera Capital Management describes itself as an independent and non-bank lender to the farming sector.

Thera was contacted and declined to comment as the case is before the court.


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