goFARM’s Petro Station listed for sale with $20m-plus price tag

One of Australia’s major agricultural developers are selling their 26,600ha cropping station for double their purchase price.

One of Australia’s most prominent farm developers and investors are selling their Sunraysia cropping station with a price tag of about $20 million.

goFARM Australia are selling the 26,673ha Petro Station, located about 50km northeast of Mildura with offers tipped to be about double what they paid for it in 2018.

Four years ago the Australian-owned agricultural investor, developer and manager purchased Petro Station when it was a low-intensity grazing and cropping enterprise.

At the time goFARM paid $11.8 million for the farm, with $9 million of that for the farmland.

LAWD senior director and selling agent Col Medway said Petro Station now stood as a dedicated dryland grain growing business with 9500ha of arable land.

“It really is a turn-key operation. All the hard work has been done and the farm is ready for someone to take it on and operate it,” he said.

Petro Station spans 26,673ha and has 9500ha of arable land.

“It is quite a different property to the one goFARM purchased.

“It is a very efficient farm that has been cleverly developed.

“A key feature is the Mallee loam soils with good water holding capacity.”

Mr Medway said he expected existing farming enterprises from across Victoria and NSW to be interested in Petro Station.

He said with land prices soaring across Victoria and NSW, Petro Station offered buyers value compared to other grain growing regions.

goFARM have invested in a network spraying system with water from the Darling River and an onsite bore over the past four years.

They have also prioritised soil fertility improvements and new infrastructure including 11 75-tonne grain silos, added to the existing three 55-tonne silos.

goFARM purchased Petro Station four years ago for $11.8 million.

In addition to 2022 winter crops of wheat, barely, lentils, chick peas and vetch in rotation with hay, Petro Station also has about 11,000ha of grazing land.

Some land is also allocated to a biodiversity management agreement.

2022 has been a busy year for goFARM who have been involved with a number of key deals.

In February they listed their Katunga aggregation for sale for about $250 million.

In April they sold the 11,000ha Yarrabee Park to Daybreak Cropping, via Canada’s Public Sector Pension Investment Board for $60 million-plus.

Then in July goFARM purchased Aware Super’s Lake Boga farming portfolio for about $30 million.