$20 million price tag for Victoria’s largest tomato farms

A 4855ha portfolio of farms near Swan Hill has hit the market two years after it was sold by an Australian superannuation fund. See the details.

One of the nation’s leading agricultural investors and property developers is looking to trade a significant portfolio of farms in Victoria’s northwest, following two years of ownership.

GO.FARM, partly backed by Costa Asset Management - the investment vehicle of Robert Costa, the late Anthony Costa and their families as well as founder and managing director Liam Lenaghan, have listed the 4855ha Winlaton Farms aggregation for sale.

Acquired by GO.FARM two years ago, the aggregation comprises Victoria’s biggest tomato fields and farmland previously part of Aware Super’s 9000ha Lake Boga Agriculture portfolio, purchased for $30 million, which also included 8167 megalitres of low-reliability water entitlements.

Aerial view of a faba bean crop at the GO.FARM Lake Boga property in northern Victoria. Pictures: Aaron Francis

Offers worth about $20 million are expected for the portfolio as a whole, which includes 2290ha extensively developed to irrigation including 1455ha to subsurface drip, 747ha to centre pivot and 88ha to high flow flood. The balance of the portfolio includes 578ha for further irrigation development, grazing and support land.

LAWD senior directors Jaclyn Hope and Danny Thomas are handling the sale of the Winlaton Farms, which is expected to attract the interest of corporate and private investors.

“GO.FARM, as it has been well-reported, are effectively property renovators,” Ms Hope said.

“Winlaton Farms looks and feels very different compared to the assets GO.FARM bought two years ago.

“They have poured in quite a bit of capital since they acquired the assets, including the development of subsurface irrigation, which has delivered yield improvements as well as structural improvements to dwellings, roadways and plant and equipment.”

GO.FARM seasonal workers during tomato planting operations at their Lake Boga property in northern Victoria.

Formerly VicSuper, Aware Super, in partnership with Kilter Rural, developed the 38-farm portfolio, regenerating the farms between Lake Boga and Kerang during their 15-year tenure.

Last year GO.FARM offloaded about 4000ha on both the northern and southern fringes to neighbours for about a combined $15 million, retaining Winlaton Farms as the core asset.

However, two years later and following significant capital expenditure and development, GO.FARM are attempting to realise the value of the remainder of the portfolio.

A potential sale could be negotiated to include tomato and winter crop harvests and an allocation of Zone 7 low reliability water entitlements.

Located between Swan Hill and Kerang, Winlaton Farms produces field tomatoes and winter crops of barley, canola and faba beans, with cereal crops under centre pivots.

The notable listing comes as GO.FARM establishes the $120 million-plus Riverina Property Trust, an almond growing expansion in the NSW Riverina recently broadened by the $40 million acquisition of the 540ha Balranald Vineyard and associated water portfolio.

In recent months GO.FARM have also announced a $300 million capital raise in launching their new Responsible Agriculture Fund and purchased more than 3300ha of mixed farmland across two properties near Ballarat.