Australia’s top 10 landholders by value and size

These international investors and Australian family-run companies combined own nearly $17 billion of farmland.

With Australian agriculture enjoying a stellar run of good seasons, strong commodity prices and relatively affordable productive farmland in comparison to other parts of the globe, rural property offers lucrative returns for international interests.

So lucrative, many large foreign players have expanded their Australian farming portfolios over the past year, and pushed property prices up in the process.

Here, AgJournal reveals the biggest names in Australian farmland ownership, both by value of their aggregations and by land size.

While several North American pension funds and a Hong Kong pharmaceutical giant are among Australia’s leading landholders, so too are longstanding Australian family-run companies that are competing with corporate investors to retain a slice of productive country.

AUSTRALIA’S TOP 10 LANDHOLDERS BY VALUE

Canada's PSP Investments, through its Hewitt Cattle Australia business, paid almost $100m for the adjoining Narwietooma, Napperby, Glen Helen and Derwent stations, totalling 1.1 million hectares, in the Northern Territory.

1. PSP INVESTMENTS, $5 BILLION

Canada’s PSP Investments has cemented its standing as the biggest-ever investor in Australian farmland with assets soaring to $5 billion during the past year.

The Canadian pension fund, which manages the superannuation of the nation’s public sector and armed forces in addition to the iconic 30,000 member-strong Royal Canadian Mounted Police, has put together a huge portfolio of Australian farmland and water assets since entering the market about six years ago. And, according to PSP natural resources boss Marc Drouin, don’t expect that rate of expansion to ease in the near future.

“(PSP has) been growing at a fairly healthy clip and we are expected to double or so in the next 10 years, which means (from a natural resources standpoint) we have got to double again our deployment,” Drouin says.

“If you think of the last two or three years we have invested somewhere between $C2 and $C3 billion per average year … and a large part of that has been in Australia. I don’t see that slowing down anytime soon.”

PSP’s investments include two of the biggest-ever deals in Australian agriculture – the $860 million purchase of 12,000 hectares of almond orchards, and 90,000 megalitres of high-security water, at Robinvale in northern Victoria in 2019 and the $854 billion takeover of ASX-listed Webster Limited and its 340,000 hectares and 153,000 megalitres of water.

In the past 12 months, it splashed out $600 million for the 22,000-hectare Auscott cotton farming, ginning and marketing business in NSW, established by the US Boswell family. Through its Hewitt Cattle Australia joint venture, it paid $100 million for the 1.1 million hectare Narwietooma, Glen Helen, Derwent and Napperby stations in the Northern Territory, $40 million-plus for the 14,876-hectare Tubbo Station near Narrandera in NSW and $22 million for the nearby Brewarrana Station covering 3236 hectares.

Earlier this year it inked a $60 million-plus deal with goFARM to purchase its 11,260 hectare Yarrabee Park property near Morundah in NSW, which will operate as part of its Daybreak Cropping venture.

The Montreal-based PSP now has a footprint of more than 2.3 million hectares in Australia through its joint-venture operations. Its eight-farm Daybreak Cropping portfolio of eight aggregations now spans 85,120 hectares of arable farming country, Hewitt Cattle Australia’s 17 beef and sheep stations covering 2.06 million hectares, and there’s more than 10 almond, macadamia, pecan and walnut orchards under its Stahmann Webster banner, in addition to other cropping and horticulture endeavours.

Its Aurora Dairies business has grown in the past 12 months to 14,220 hectares over 39 farms, which are home to 23,900 dairy cows producing 179 million litres of milk.

Macquarie’s head of agriculture Liz O'Leary in barley crop. Picture: David Roma

2. MACQUARIE AGRICULTURE, $2.5 BILLION-PLUS

It’s been a period of rationalisation and renewed focus for Macquarie Agriculture, who have firmed as Australia’s second-biggest investor in the ag space despite offloading a significant chunk of land in the past year.

In one of the biggest deals in Australian agriculture history, Macquarie last September sold its Lawson Grains portfolio comprising 105,000 hectares, or more than a quarter of a million acres, of cropping land in NSW and Western Australia, to Canada’s Alberta Investment Management Corporation for $600 million.

The sale was the result of the maturation of the Lawson fund and had no impact on the continued operation of Macquarie’s other two agriculture-specific investment vehicles in Paraway Pastoral Company and Viridis Ag.

On a whole, Macquarie oversees 4.7 million hectares, more than 220,000 cattle, 250,000 sheep and produces a huge variety of irrigated and dryland crops.

The Paraway Pastoral business has grown to 4.47 million hectares spread across 28 aggregations in NSW, Queensland and Victoria while the Viridis Ag venture comprises 105,000 hectares of mixed-farming country in Western Australia, South Australia and NSW.

In June last year Macquarie won a drawn-out bidding war with ROC Partners for berry and citrus grower VitalHarvest in a deal worth $357 million. In March this year it completed its purchase of Australian cotton production giant Cubbie Station at Dirranbandi, having secured a 49 per cent stake in it in 2019.

TIAA-CREF’s asset management subsidiary Nuveen owns Tubbo Station, in the Riverina, as part of its $2 billion portfolio of farms across four states.

3. TIAA-CREF, $2 BILLION

The New York-based Teachers Insurance and Annuity Association of America and College Retirement Equities Fund, through its asset manager subsidiary Nuveen, has put together a massive portfolio of farms in Western Australia, NSW, Queensland and Victoria in recent decades.

According to its latest farmland sustainability report, Nuveen oversees a whopping 383,078 hectares of developed cropping country in Australia, spread across 69 properties and aggregations valued at US$1.4 billion in December 2020.

TIAA-CREF – Teachers Insurance and Annuity Association of America and College Retirement Equities Fund – is the biggest investor in farmland globally.

According to the report, in December 2020 it had 943,000 hectares of farmland worth US$8 billion under management. Row crops accounted for 77.6 per cent of the business, followed by sugarcane (18.7 per cent), horticulture (2.6 per cent) and wine grapes (1.1 per cent).

In addition to Australia, TIAA-CREF has operations in Brazil (350,465 hectares worth US$1.53 billion), the US (136,218 hectares worth US$4.23 billion), Poland (39,300 hectares worth US$510 million), Romania (31,475 hectares worth US$230 million), Chile (2265 hectares worth US$510 million) and New Zealand (274 hectares worth US$200 million).

Locally, its biggest footprint is in Western Australia with 186,104 hectares (up from 159,698 hectares in 2019), followed by NSW with 148,410 hectares (down from 150,314 hectares), Queensland with 41,438 hectares (up from 40,927 hectares) and Victoria with 7125 hectares.

— Shannon Twomey

Rural Funds Group last year paid $68.8 million for the Kaiuroo Aggregation in central Queensland.

4. RURAL FUNDS GROUP, $1.3 BILLION

ASX-listed farmland darling Rural Funds Group has recorded a $200 million increase in worth in the past 12 months, thanks to increased land valuations and strategic purchases.

The group, which has investments in almonds, cattle, vineyards, cropping and macadamias, now has $1.3 billion worth of assets in Australian agriculture.

The group’s 4139-hectare NSW almond farm business is valued at $380.3 million, its beef business, which comprises 674,983 hectares of grazing country and 150,000-head feedlot capacity, is worth $455.2 million (up from $357.8 million last year) while its cropping arm, centred on 23 properties and 15,780 hectares in Queensland, is valued at $188.3 million (up from $115.6 million).

In addition, it has vineyard and macadamia businesses valued at $64.8 million and $148.4 million respectively.

In November last year it paid New York-based investment company Rohatyn Group $68.8 million for the Kaiuroo Aggregation on the Mackenzie River in central Queensland and a month later shelled out $13.8 million for the 1917-hectare The Pocket property at Gogango.

Nangiloc Colignan Farms was bought by CK Life Sciences in 2018.

5. CK LIFE SCIENCES, $1.2 BILLION

The Hong Kong Stock Exchange-listed CK Life Sciences is toasting the success of its foray into Australian agriculture, with investments topping the magical $1 billion mark.

CK Life Sciences, which is involved in nutraceuticals and pharmaceuticals as well as agriculture, owns almost 50 vineyards across Australia and New Zealand.

Its Belvino Investments portfolio comprises 27 vineyards covering 6900 hectares, along with considerable irrigation water entitlements. Of those vineyards, 18 are in Australia – in South Australia’s Barossa, Padthaway, Coonawarra and Riverland regions, the NSW Riverina and Margaret River in Western Australia, and are primarily leased to major wine companies or used to grow grapes under contract. CK Life Sciences has another 19 vineyards in South Australia, NSW, Victoria, Western Australia and New Zealand’s South Island.

In 2016, CK Life paid $35 million for a 70,000-hectare slice of West Australian grain grower John Nicoletti’s expansive portfolio. In 2018 it paid $50 million for the 697-hectare Nangiloc Colignan Farms business at Colignan in northwest Victoria.

Hancock Agricultural Investment Group owns cotton and almond properties near Hillston NSWas part of its $1 billion portfolio in Australia.

6. HANCOCK AGRICULTURAL INVESTMENT GROUP (MANULIFE INVESTMENT MANAGEMENT), $1 BILLION

North American-based Hancock Agricultural Investment Group has flexed its investment muscles in Australia farmland in recent years.

HAIG manages about US$4 billion worth of farmland globally (up from $3.7 billion last year) spread across 175,000 hectares of the US, Canada, Chile and Australia.

It has been investing in Australia since 2000 and its current operations comprise 44,899 hectares (down from 48,450 hectares last year) in NSW, Victoria, South Australia and Queensland.

In 2020 it paid more than $120 million for 19,877 hectares of cotton and almond farms near Hillston in NSW from Harvard University’s endowment fund and $98 million for Rural Funds Group’s Mooral almond business, also at Hillston.

In February this year it sold the 12,840-hectare Kalanga Aggregation near Goondiwindi in southern Queensland to the Coulton family of Morella Agriculture at Boggabilla in northern NSW for $80 million.

Australian Agricultural Company Anthony Lagoon & Eva Downs Station – AACo

7. AUSTRALIAN AGRICULTURAL COMPANY, $916 MILLION

The Australian Agricultural Company might have a history embedded in the nation’s farming folklore – but don’t for a second think it is bogged down by tradition.

The nation’s biggest integrated cattle and beef producer was founded almost 200 years ago by an act of British parliament and holds the mantle of Australia’s oldest continuously operating company.

Occupying 6.4 million hectares across Queensland and the Northern Territory, the AACo footprint is equal to about 1 per cent of the nation’s land mass and runs 350,000 cattle.

Now an ASX-listed company, AACo’s stations and improvements were valued at $916 million at March 31 last year – up from $810.6 million in 2020, $738.5 million in 2019 and $696.2 million in 2018. Its biggest investor is UK billionaire businessman Joe Lewis, who owns a 45 per cent-plus stake.

8. GOFARM, $800 MILLION

You’d be hard-pressed to find a business that has made more of a mark on the agriculture scene in northern Victoria and southern NSW in the past decade than goFARM.

The innovative development and farming group has splashed around millions of dollars in their quest to maximise returns from farmland. However, the past 12 months has been a period of renewed focus for the business, offloading one of its prized assets and listing another with expectations of a quarter of a billion dollars.

It February goFARM listed its Sandmount Farms aggregation, comprising 27 individual farms between Numurkah and Cobram and a water portfolio of more than 50,000 megalitres pieced together over the past four years, for upwards of $250 million.

goFARM managing director Liam Lenaghan said Sandmount Farms was the result of more than 70 land and water transactions secured by the business since September 2018. He said while tens of millions of dollars had been invested in land and water developments and infrastructure, Sandmount was now at the point of requiring a significant injection of outside capital for its transformation phase.

In March, goFARM finalised its sale of the 11,260-hectare Yarrabee Park farm, near Morundah in southern NSW, to Canada’s PSP Investments for $60 million-plus.

Ucharonidge Statoin in the Northern Territory.

9. CLEVELAND AGRICULTURE, $800 MILLION

The rise of Cleveland Agriculture up the farm ownership charts has, for the most part, been under the radar. But that hasn’t stopped the business from amassing an estimated $800 million in assets.

In addition to significant farming country around Mungindi in northern NSW, Malcolm Harris and family have strategically put together a portfolio of more than 2.3 million hectares of pastoral country in Northern Australia.

In 2019, Cleveland purchased two stations from Consolidated Pastoral Company: the 852,000-hectare Nockatunga near Thargomindah in Queensland and the 245,550-hectare Ucharonidge at Elliott in the Northern Territory. Its other properties include Benmara Station (450,000 hectares) and Rockhampton Station (450,300 hectares) in the Northern Territory and Gogo Station at Fitzroy Crossing in Western Australia.

A visionary, Harris applied last September to clear about 5000 hectares of Ucharonidge Station for cotton and sorghum production.

Businesswoman Gina Rinehart and Hancock Prospecting have sold off a significant amount of property in the past year.

10. GINA RINEHART–HANCOCK AGRICULTURE/OUTBACK BEEF, $700 MILLION

Mining magnate, rich lister and philanthropist Gina Rinehart has taken a tumble down Australia’s ag investor rankings following a significant sell-off over the past 12 months.

This time last year Rinehart was at the helm of one of the nation’s biggest pastoral empires, overseeing about 10 million hectares of land with the capacity to run more than 340,000 cattle and assets valued at $1 billion.

Today, her portfolio comprises 6.5 million hectares – 4.51 million hectares from her S Kidman and Co Australian Outback Beef Pty Ltd joint venture with China’s Shanghai CRED and 1.98 million hectares from her own Hancock Agriculture venture.

Properties she has offloaded in the past 12 months include the 1.36 million hectare Innamincka Station, the 1.1 million hectare Macumba Station and the 800,000-hectare Ruby Plains and Sturt Creek stations, all of which sold to Crown Point Pastoral Company.

The deals saw Rinehart lose her crown as Australia’s biggest landholder with Crown Point now occupying 7.2 million hectares.

AUSTRALIA’S TOP 10 LANDHOLDERS BY SIZE

1. CROWN POINT PASTORAL COMPANY, 7.2 MILLION HECTARES

Clifton Hills Station, Birdsville Track SA, 1,650,000ha

Innamincka Station, Leigh Creek SA, 1,360,000ha

Macumba Station, Oodnadatta SA, 1,100,000ha

Andado Station, Alice Springs NT, 1,050,000ha

Ruby Plains and Sturt Creek, Kimberley WA, 800,000ha

Pandie Pandie Station, Birdsville Track SA, 662,500ha

Maryvale Station, Alice Springs NT, 324,000ha

Crown Point Station, Alice Springs NT, 209,000ha

Phoenix Park Feedlot, Katherine NT, 3443ha

2. AUSTRALIAN AGRICULTURAL COMPANY, 6.6 MILLION HECTARES

Brunette Downs Station, Barkly Tablelands NT, 1,235,100ha

Headingly Station, Urandangie QLD, 1,003,200ha

Anthony Lagoon and Eva Downs, Barkly Tablelands NT, 934,900ha

Avon and Austral Downs, Camooweal QLD, 863,100ha

Canobie and Wondoola Stations, Cloncurry QLD, 492,100ha

South Galway Station, Channel Country QLD487,600ha

Montejinni Station, Top Springs NT, 485,623ha

Delamere Station, Victoria River NT, 300,300ha

Camfield Station, Victoria River NT, 279,000ha

Wondoola Station, Normanton QLD, 252,500ha

Dalgonally Station, Julia Creek QLD, 128,000ha

La Belle, Bachelor NT, 61,000ha

Carrum Station, Julia Creek QLD, 50,613ha

Wylarah Station, Surat QLD, 40,468ha

Pell and Tortilla, Darwin NT, 5443ha

Aronui Feedlot, Dalby QLD

Glentana Station, Springsure QLD

Goonoo Farm and Station, Emerald QLD

3. NORTH AUSTRALIAN PASTORAL COMPANY, 6.1 MILLION HECTARES

Alexandria, Camooweal NT, 1,641,416ha

Marion Downs, Boulia QLD, 1,287,000ha

Cungelella, Springsure QLD, 21,870ha

Mittiebah, Camooweal NT, 695,500ha

Glenormiston, Boulia QLD, 692,000ha

Coorabulka, Boulia QLD, 637,000ha

Monkira, Boulia QLD, 373,000ha

Coolullah, Cloncurry QLD, 214,000ha

Kynuna, Julia Creek QLD, 140,563ha

Mantuan Downs, Springsure QLD, 135,000ha

Boomara, Cloncurry QLD, 108,000ha

Portland Downs, Isisford QLD, 99,957ha

Goldsborough, Roma QLD, 11,600ha

Wainui Feedlot and Farm, Bowenville QLD, 5000ha

4. GINA RINEHART (HANCOCK AGRICULTURE & S KIDMAN AND CO), 5.9 MILLION HECTARES

Durham Downs, Eromanga NT, 891,000ha

Naryilco, Tibooburra QLD, 751,000ha

Durrie, Birdsville QLD, 660,000ha

Morney Plains, Windorah QLD, 623,000ha

Glengyle, Birdsville QLD, 554,000ha

Brunchilly Station, Tennant Creek NT, 513,600ha

Helen Springs, Tennant Creek NT, 506,200ha

Fossil Downs, Fitzroy Crossing WA, 394,028ha

Roy Hill, Pilbara WA, 369,702ha

Mulga Downs, Pilbara WA, 314,230ha

Liveringa, Looma WA, 267,467ha

Sundown Valley, Kingstown NSW, 17,785ha

Calgan and Glencoe, Dubbo NSW, 16,601ha

Rockybank, Roma QLD, 14,600ha

Maffra South, Roma QLD, 14,567ha

Warrabah, Manilla NSW, 9077ha

Glendon Park and Camperdown, Armidale NSW, 7735ha

Holyrood, Roma QLD, 4844ha

South Burnett Aggregation, South Burnett QLD, 3682ha

Warra Warra, Dalby QLD, 3069ha

Forestvale, Roma QLD, 2082ha

Gunnee Feedlot, NSW, 1855ha

Tungali Feedlot, Sedan SA, 1800ha

Langsview, WA, 1426ha

Maydan Feedlot, Warwick QLD, 451ha

5. JUMBUCK PASTORAL COMPANY, 5.7 MILLION HECTARES

Wave Hill Station, Victoria River NT, 1,214,057ha

Rawlinna, Rawlinna WA, 1,011,714ha

Killarney, Katherine NT, 541,400ha

Mulgathing, Glendambo SA, 530,700ha

Commonwealth Hill, Glendambo SA, 513,000ha

Meda Station, Derby WA, 505,857ha

Mobella Station, Glendambo SA, 413,200ha

Bulgunnia Station, Glendambo SA, 309,600ha

Blina Station, Kimberley WA, 254,648ha

Mount Victor Station, Yunta SA, 199,914ha

Gunbar Station, Gunbar NSW, 112,000ha

McCoys Well, Yunta SA, 58,680ha

6. MACQUARIE AGRICULTURE, 4.7 MILLION HECTARES

Davenport Downs, Winton QLD, 1,510,000ha

Tanbar Station, Windorah QLD, 1,021,904ha

Rocklands, Camooweal QLD, 677,964ha

Gregory Downs, Mt Isa QLD, 266,425ha

Clonagh Station, Cloncurry QLD, 214,270ha

Armraynald Station, Burketown QLD, 214,090ha

Mungadal Station, Hay NSW, 116,994ha

Cooinbil Station, Coleambally NSW, 89,040ha

Malvern Hills Station, Blackall QLD, 50,070ha

Steam Plains Station, Conargo NSW, 46,395ha

Oxley Station, Warren NSW, 35,249ha

Pier Pier, Coonamble NSW, 31,603ha

Buttabone Station, Warren NSW, 28,783ha

Urawilkie, Coonamble NSW, 25,944ha

Old Bundemar, Trangie NSW, 22,370ha

Pooginook Station, Jerilderie NSW, 19,656ha

Merrimba Station, Warren NSW, 19,097ha

Borambil Station, Condobolin NSW, 14,442ha

Moira Runda, Glenmorgan QLD, 12,510ha

Burindi Station, Barraba NSW, 11,000ha

Barton, Moyston VIC, 8244ha

The Bulls Run Station, Wagga Wagga NSW, 6880ha

Paradise Station, Inverell NSW, 6434ha

Newstead Station, Inverell NSW, 4964ha

Burmah Station, Graman NSW, 4187ha

Aberbaldie Station, Walcha NSW, 3894ha

Beckworth Court, Clunes VIC, 3024ha

Nullamanna Feedlot, Inverell NSW, 2207ha

The Grange, Dongara WA, 16,700ha

Oodnadatta Farms, Moree NSW, 14,100ha

Alcheringa, Three Springs WA, 13,000ha

Amarinya, Jerramungup WA, 11,200ha

Tantanoola, Jerramungup WA, 10,800ha

Bindana Downs, Bindi Bindi WA, 9300ha

Yupiri, Beaumont WA, 8300ha

Arawa, Eneabba WA, 7900ha

Englefield Plains, Junee NSW, 7500ha

Jamalka, Eyre Peninsula SA, 5350ha

Gindurra, Canowindra NSW, 5000ha

Wiltoo, Cummins SA, 4400ha

Cubbie Station, Dirrinbandi QLD, 90,000ha

7. WILLIAMS CATTLE COMPANY, 4.7 MILLION HECTARES

Anna Creek Station, Coober Pedy SA, 1,574,600ha

The Peake Station, William Creek SA, 813,000ha

Hamilton Station, Oodnadatta SA, 701,000ha

Nilpinna Station, William Creek SA, 565,800ha

Mount Barry Station, Coober Pedy SA, 492,000ha

Arckaringa Station, Coober Pedy SA, 275,000ha

Mount Sarah Station, Oodnadatta SA, 224,800ha

Coonibar and Carrieton, Carrieton SA, 11,400ha

8. HUGHES PASTORAL COMPANY AND GEORGINA PASTORAL COMPANY, 3.9 MILLION HECTARES

Inverway and Riveren, Victoria River NT, 555,400ha

Lake Nash, Georgina and Argadargada, Barkly Tablelands QLD, 1,600,000ha

Keeroongooloo and Yeppera, Cooper Creek QLD, 700,000ha

Miranda Downs Station, Normanton QLD, 438,000ha

Caldervale, Carwell and Mt Lindsay, Tambo QLD, 160,000ha

Tierawoomba, Mt Scott, Atinla and Snake Creek, Nebo QLD, 140,000ha

Cardowan, Doreen and Main Camp, Nebo QLD, 133,000ha

Cawnpore Station, Boulia QLD, 121,400ha

Tumbar and Marsden, Jericho QLD, 80,000ha

Colomendy and Adelong, Bundara NSW, 2500ha

Sirram, Main Ridge and Joe Lodges, Nebo QLD

Waitara, New Yard, Mt Whyte and Urani, Nebo QLD

9. MCDONALD HOLDINGS (MDH PTY LTD), 3.4 MILLION HECTARES

Clearwater, St George QLD

Rutland Plains, Normanton QLD

Dunbar Station, Normanton QLD

Iffley Station, Normanton QLD

Brightlands Station, Cloncurry QLD

Devoncourt Station, Cloncurry QLD

Stradbroke Station, Cloncurry QLD

Chatsworth Station, Cloncurry QLD

Verdun Valley Station, Boulia QLD

Mt Windsor Station, Charters Towers QLD

Kierawonga and Leitrim, Rockhampton QLD

Wallumba Feedlot, Toowoomba QLD

Nangram, Toowoomba QLD

10. CONSOLIDATED PASTORAL COMPANY, 3.2 MILLION HECTARES

Newcastle Waters Station, Newcastle Waters NT, 1,033,101ha

Wrotham Park, Cairns QLD, 596,880ha

Carlton Hill Station, Kununurra WA, 475,709ha

Dungowan, Katherine NT, 445,500ha

Isis Downs, Isisford QLD, 246,057ha

Kirkimbie, Katherine NT, 230,400ha

Bunda, Victoria River NT, 178,800ha

Allawah, Biloela QLD, 3069ha