Split Saltbush Ag sells for $33M plus

Grain Central January 30, 2023

Saltbush Ag is located in South Australia’s Mid North, a fertile mixed-farming region. Photo: Ray White

THE 2852ha Saltbush Ag aggregation at Booborowie and Leighton in South Australia has been split up and sold for in excess of $33 million to five local buyers.

Ray White Rural South Australia principals Geoff Schell and Daniel Schell marketed the aggregation for the Handbury family who had made the decision to divest their farming assets in the Mid North to focus on their enterprise in South Australia’s South East.

The aggregation consisted of six properties which sold to five family-farming businesses all based in the Mid North.

“We had strong interest from all over the country, with more than 100 enquiries during the marketing campaign,” Geoff Schell said in a statement.

“It was such a great opportunity to invest in such a well-managed and large-scale farming operation in this highly regarded region of South Australia.”

Mr Schell conducted around 20 inspections and had received 19 written expressions of interest to purchase.

“The result is no surprise to us as the Booborowie/Leighton district is so highly recognised for its suitability and flexibility to broad enterprise options including growing cereals, oilseeds, legumes, hay production, (and) prime lamb and wool production.

“This result is a strong sign of confidence in the local market for its reliability.”

The aggregation had been developed as a mixed-farming operation. Photo: Ray White

The aggregation focuses on integrated broadacre cropping and prime lamb production, and benefits from scale, operational efficiency, fertile soils and proximity to markets.

Infrastructure includes: two main homesteads; five additional homes; hay sheds; sheep feedlot; two shearing sheds; irrigation pivots; grain silos; workshops, and other shedding.

Mr Schell said underground water was one of the key assets, with supply from equipped bores, including irrigation bores.

Pastoralist Paddy Handbury and his family have owned the aggregation for around 27 years.

The Handburys have been landowners in South Australia since they bought the famous Collinsville merino and poll merino stud in 1995.

They sold the stud empire in 2014, ensuring its survival as one of the country’s great suppliers of superior Merino genetics.

Saltbush Ag had been managed by Paddy’s son Jack Handbury before being listed for sale.

Paddy Handbury said in a statement that the family had recently farming properties in the Lucindale region.

“When times are good, good properties come up and we have just bought three cracking properties closer to home, so we’re keen for our son Jack and his family to move down south while his family is still young,” Mr Handbury said.

Source: Ray White SA


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