Foreign fund sells two Queensland cropping farms
Local families have snapped up a pair of southern Queensland cropping farms spanning 4100ha from a US-backed agricultural fund manager.
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Two cropping farms, previously part of a $90m southern Queensland aggregation, have been offloaded by a US-backed agricultural fund manager.
Laguna Bay, an Australian agricultural fund manager significantly backed by the Washington State Investment Board, has sold two of its properties that were part of the 13,740ha Carpendale Portfolio.
Listed for sale in August last year, the portfolio comprised five nearby properties known as Manus (2525ha), Tingan and Nomby (4115ha), Bendidee (2576ha), Carpendale (3338ha) and Mayfair (1186ha).
Offers worth more than $90m were expected for the cropping aggregation as a whole.
It is understood two separate local families have bought the 1948ha Tingan and 2167ha Nomby properties to expand their existing agricultural enterprises.
The value of the Tingan and Nomby sales remains undisclosed due to confidentiality arrangements.
Nomby has development approval for a 20,000 SCU feedlot and access to 120ML of licenced bore water and 35ML of groundwater.
Across the aggregation both winter and summer crops are cultivated with average crop yields for the region measuring 2-4t per hectare for cereals, 1.5-2.5t per hectare for canola and 3-5t per hectare for sorghum.
Located on the northern side of the Macintyre River, 30km north of Goondiwindi, the Carpendale Portfolio was offered with an adjacent leasehold land of 5627ha, comprising Colorado (858ha), Akaringa (1168ha), Cobblecundy (1937ha) and Flock and Balandry (1665ha).
The remaining Manus, Bendidee, Carpendale and Mayfair remain on the market.
Nutrien Harcourts Goondiwindi agent Andrew Jakins is handling the sale of the aggregation alongside LAWD senior directors Danny Thomas and Jaclyn Hope.
A significant grain receival site on Carpendale supports grain production, with a total capacity of 175,000 tonnes across 14 grain bunkers and 6,230 tonnes of elevated grain silos.
A transportation enterprise, including nine prime mover-trailer combinations and extensive equipment are also for sale with the portfolio.
Chocolate to brown self-mulching cracking clays with some lighter sandy soil types comprise the Carpendale Portfolio, with 12,259ha, or 89 per cent, considered arable.
Established in 2010, Laguna Bay is one of Australia’s longstanding ag fund managers, providing investment partners with exposure to three key themes: rising food demand, decarbonisation and inflation.
Headed up by founder and managing director Tim McGavin, Laguna Bay owns several key Australian agribusiness assets including the 40 South Dairies, comprising 14 farms and 4000ha near Smithton in Tasmania.
In recent years the fund has been involved in notable deals following the sale of substantial Victorian assets, including the 20,000ha Adveq Almond Trust near Robinvale for more than $350 million in 2019, the historic 8200ha Banongill Station for $80 million in 2020 and the 3353ha Woorndoo aggregation near Lake Bolac for $70 million in 2021.
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Originally published as Foreign fund sells two Queensland cropping farms
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