Argyle Capital Partners sells HK Farming to Riverina farming family

An investment group has offloaded its irrigated cotton and cereal cropping enterprise at Gunbar in a top-dollar deal.

In a major move, a Riverina farming family has snapped up 2456ha irrigated cotton and cereal cropping enterprise HK Farming at Gunbar after an investment group offloaded the landholding.

In June this year Brisbane-based Argyle Capital Partners listed the Riverina farm for sale alongside an attached water portfolio for a combined total of about $31.5 million.

At the time, the landholding was for sale with a price guide of about $15 million while the water portfolio had a value of about $16.5 million.

A Riverina farming family has secured just the landholding with a view to expand their farming operations to incorporate irrigated farming including the production of cotton crops.

While the price has not been disclosed, it is understood the property has been sold for a figure in the vicinity of the agent’s quoted price.

HK Farming comprises 1016ha of developed row-crop irrigation, 1062ha red loam broadscale dryland cropping country, 5600ML of on-farm water storage and extensive building and working infrastructure.

A Riverina farming family has purchased the 2456ha irrigated cotton and cereal cropping enterprise HK Farming.

In 2017, Gunnedah’s Tahlee Consulting Services created a state-of-the-art irrigation design for HK Farming. Customised Farm Management, the contracted management team in place at HK Farming, implemented the design through 2018, turning the property into a prized Riverina irrigation holding.

Elders Riverina selling agents Matt Horne and Angus Macleod completed the sale.

“HK Farming represented a unique opportunity to acquire a corporate-scale portfolio of high-quality land and water assets, strategically located in one of Australia’s most prolific irrigation regions,” Mr Horne said.

“The campaign generated strong buyer inquiries from both local and interstate buyers. The demand for good quality irrigation assets such as HK Farming is still strong.

Argyle Capital Partners listed HK Farming for sale in June this year.

“In my view, the Riverina still presents excellent value, ultimately underpinned by its versatile soils profiles, ideal climatic conditions, irrigation opportunities for both summer and winter cropping programs.

“In more recent years, the construction of associated processing facilities has further enhanced the appeal of the Riverina”.

Launched in 2008, Argyle Capital has investments in secure water entitlements, farmland, and food and fibre supply chain infrastructure.

It has a stand-alone water fund, as well as several agricultural funds and mandates invested across a diverse farmland portfolio.