2058ha cropping operation Grainfields for sale in NSW’s Golden Triangle

TIAA-CREF, a North American teachers superannuation fund, is selling its 2058ha dryland cropping operation Grainfields near Moree in NSW.

Grainfields at Moree owned TIAA-CREF is for sale.

ONE of Australia’s biggest landowners is offloading one of its holdings in the Golden Triangle of northern NSW, amid a flurry of activity that has seen $100 million worth of land in the tightly-held region hit the market in recent months.

TIAA-CREF, a North American teachers superannuation fund managed by Westchester Group of Australia, is selling its 2058ha dryland cropping operation Grainfields near Moree, with price expectations of more than $16.5 million.

It is one of five large-scale properties to hit the market in the Golden Triangle in recent months.

The five properties, all being sold by CBRE, cover an area of about 14,800ha and have a combined value of more than $100 million.

They include:

OODNADATTA, 3163ha, owned by Hugh Ball, with a price tag of $27.5 million.

PROSPECT Downs Aggregation, 2454ha, owned by Mark Cotter with an asking price of about $20 million. It has reportedly sold for close to $11,000 a hectare.

WALLAM and Roydon, 3844ha, owned by Roger and Annette Turnbull, has sold for an undisclosed price. It was listed for sale for $7413 a hectare, or about $28.5 million.

NOBLE Park Aggregation, 3290ha, owned by the Colley family, with price expectations of $23.5-$24 million.

CBRE’s Col Medway said it was “pure coincidence” the five properties were on the market at once.

“They are all selling for completely different reasons,” Mr Medway said.

He said Westchester was selling Grainfields, as it adjoined Oodnadatta.

“For all intents and purposes Oodnadatta and Grainfields are run as one farm — Oodnadatta leases Grainfields. With Oodnadatta also on the market, Westchester thought it made sense to put up Grainfields on to the market.”

Meanwhile, some of the other operators had decided to relocate, Mr Medway said.

Despite the tough seasonal conditions, Mr Medway said values were holding firm, which was reflected in the results of Prospect Downs and Wallam and Roydon.

“There has been no retreat on values and don’t expect there to be,” Mr Medway said.

“Prospect Downs is under offer and that was a very, very strong result and Wallam and Roydon was also a very strong result.”