$40m-plus fruit farms hit the market

A 1211ha portfolio of five farms in the Victorian-NSW Sunraysia and South Australian Riverland have been listed for sale by their Melbourne-based owner.

Prime Value Asset Management are selling their 1211ha portfolio of citrus farms.

A Melbourne-based agricultural investment group are set to offload a significant portfolio of horticultural properties developed during the past decade.

Prime Value Asset Management is selling five fruit farms positioned across major citrus production regions in the Victorian-NSW Sunraysia and South Australian Riverland, spanning a combined total land area of about 1211ha.

The portfolio consists of Nangiloc and Orange One farms in Victoria, Sunmar and Pomona in NSW, and Weila in SA.

The assets are offered as a single portfolio in one-line or as separate assets, with water entitlements, land and infrastructure included.

The portfolio is expected to attract offers in excess of $40m, whether sold as a whole in parts.

JLL Agribusiness agents Jock Grimshaw and Chris Holgar are handling the sale of the Prime Value citrus farms, with expressions of interest closing August 7.

“Approximately 494ha are already planted to permanent crops including citrus, with smaller areas of almonds and avocados. Another 316ha is suited to future plantings, creating a strong pipeline for future expansion,” Mr Grimshaw said.

The Prime Value Citrus farms includes a varietal mix, spanning early, mid and late season fruit.

PRIME VALUE CITRUS
SUNRAYSIA, VIC-NSW AND RIVERLAND, SA
Property: horticulture
Size: 1211ha
Sale: expressions of interest closing August 7
Price: in excess of $40m
Agent: JLL Agribusiness
Contact: Jock Grimshaw, 0488 191 840 and Chris Holgar, 0411 177 167

Across the portfolio there is another 316ha suited to future plantings.

“The assets are diversified across three operational hubs in Victoria, New South Wales, and South Australia, offering geographic resilience and supply chain advantages.

“The varietal mix, spanning early, mid and late season fruit, is structured to meet both domestic and export demand, while helping mitigate the risks of sudden varietal shifts.”

Mr Holgar said the citrus farms stood out because of their age profile and long-term investment fundamentals.

“The portfolio is managed by Southern Cross Farms, one of the country’s most respected horticultural asset managers, currently in place as farm manager and available for ongoing engagement,” he said.

“Roughly 40 per cent of the planted area comprises trees aged eight years or younger, which means a large portion of the portfolio is approaching full production and will continue to ramp up output in the short-to-medium term.

“That creates a really attractive production curve. Combined with the professional management of Southern Cross Farms and the scale of the holdings, it opens the door to institutional, family office and passive investors alike.”

Alongside their citrus assets, Prime Value also owns a growing dairy farming portfolio of 11 farms in northwest Tasmania and two farms in southwest Victoria.

They also paid $62.5m for 25 of Moon Lake Investments’ iconic Woolnorth dairy farms in northwest Tasmania.