Australian farm prices: 20 biggest sales of the 2020-21 financial year

The rural property market catapulted into uncharted territory in the last financial year, with the top 20 sales raking in a whopping $2.1 billion.

Yaloak Estate at Ballan was the eleventh largest sale making $60 million.

Australia’s 20 biggest farm deals of 2020-21 have raked in a staggering $2.1 billion-plus.

The rural property market has been catapulted into uncharted territory in the past year, as prices hit record highs off the back of historically low interest rates, improved seasonal conditions, record commodity prices and strong investor demand.

An investigation by TheWeekly Times has shown that of the biggest farmland deals of the financial year, one was worth more than half a billion dollars, six made $100m or more and eight fetched between $50m and $100m.

NSW cotton giant Auscott Limited sold in one of the biggest deals in Australian farming history. Picture: Andy Rogers

Heading the list was the sale of NSW cotton giant Auscott Limited, which US-based JG Boswell Company offloaded to Canada’s PSP Investments for more than $500m.

The deal — one of the biggest in Australian farming history — included 22,000 hectares of developed irrigation country, more than 143,000 megalitres of water entitlements and five ginning facilities.
PSP was also involved in the 12th biggest deal of 2020-21 — the $55m purchase of a portfolio of Gippsland dairy farms from Gray Wigg Pty Ltd, through its Aurora Dairies business.

The second-biggest deal of the year was the $357.35m sale of the Vitalharvest business — which owns citrus and berry farms leased to horticulture giant Costa Group — to Macquarie Infrastructure and Real Assets following a drawn-out bidding war with Roc Partners that forced an increase on its initial offer of $300m.

Rounding out the top three biggest deals was this month’s sale of Stanbroke Pastoral Company’s 438,000ha Miranda Downs Station in Queensland’s Gulf Country to the Hughes family of Hughes Pastoral Company for $180m.

Other major deals in the past 12 month involved UK-based billionaire hedge fund manager Sir Michael Hintze, who paid $100m to the Duddy family for its South Calandoon property at Goondiwindi in Queensland and $36m for the prized Minjah property at Hawkesdale in Victoria’s Western District.

Meanwhile, two landmark Tasmanian farms sold for a combined $68m this week, the biggest rural property sales in the state for decades.

Stonehouse at Lemont in the Southern Midlands sold for $47 million on a walk-in-walk-out basis.

The 7500ha sheep and cattle property was sold by Tony Seymour and purchased by Peter Downie, a sixth generation farmer and developer from Tasmania.

Mount Morriston, sprawling 9300ha at Ross, sold for $21 million to the Von Bibra and Millar families from Tasmania.

Both Stonehouse and Mount Morriston were sold by Shane McIntyre from CBRE and David Robertson from Agribusiness Services Tasmania.

Mr McIntyre said he regarded Tasmania as a “very attractive alternative to high rainfall mainland values offering versatile productive enterprises that present less complex irrigation options and consistent returns”.

“Farmland values in Tasmania have enjoyed an average rise in excess of 40 per cent over the last half decade,” he said.

“Astute investors should not ignore this trend, which is not showing signs of easing”.

1. $500 MILLION-PLUS

AUSCOTT LIMITED

SELLER: JG Boswell Company (US)

BUYER: PSP Investments (Canada)

DEAL: 22,000 hectares of developed irrigation country, more than 143,000 megalitres of water entitlements and five ginning facilities

2. $357.35 MILLION

VITALHARVEST

SELLER: Vitalharvest Freehold Trust (ASX listed)

BUYER: Macquarie Infrastructure and Real Assets

DEAL: Includes citrus and berry farms leased to Costa Group

3. $180 MILLION

MIRANDA DOWNS STATION, QUEENSLAND

SELLER: Stanbroke Pastoral Company

BUYER: Hughes Pastoral Company

DEAL: 438,000-hectare station and 55,000 cattle.

4. $129 MILLION

PIANGIL ALMOND ORCHARD, PIANGIL VIC

SELLER: United Almonds, Bright Lights Agribusiness and Lake Lucas Almonds

BUYER: Select Harvests (ASX-listed)

Wave Hill Sstation in the Northern Territory sold for $104 million.

5. $104 MILLION

WAVE HILL STATION, KALKARINGI, NT

SELLER: Western Grazing Company

BUYER: Jumbuck Pastoral Co and three investors

6. $100 MILLION

SOUTH CALANDOON, GOONDIWINDI QLD

SELLER: Duddy family

BUYER: Michael Hintze Premium Farms (UK)

Mooral at Hillston sold for $98 million.

7. $98 MILLION

MOORAL ALMOND ORCHARD

SELLER: Rural Funds Group (ASX listed)

BUYER: Hancock Agricultural Investment Group (US)

8. $81.1 MILLION

SUGAR FARMS, BUNDABERG QLD

SELLER: MSF Sugar (Thailand)

BUYER: Rural Funds (ASX listed)

Banongill Station at Skipton sold for $80 million.

9. $80 MILLION

BANONGILL STATION, SKIPTON VIC

SELLER: Laguna Bay Agricultural Fund (US)

BUYER: Local farming consortium

10. $62.5 MILLION

DAIRY FARM PORTFOLIO, CIRCULAR HEAD, TAS

SELLER: Van Dairy Group (China)

BUYER: Prime Value Asset Management

Yaloak Estate at Ballan sold for $60 million.

11. $60 MILLION

YALOAK ESTATE, BALLAN, VIC

SELLER: Peter Yunghanns

BUYER: Harvest Agriculture (China)

12. $55 MILLION-PLUS

NAMBROK DAIRY PORTFOLIO, VIC

SELLER: Gray Wigg Pty Ltd

BUYER: Aurora Dairies, PSP (Canada)

13. $50 MILLION

MIDDLEBROOK STATION, NUNDLE NSW

SELLER: Formerly owned by Rifa Salutary (China)

BUYER: Domestic interests.

14. $47 MILLION

STONEHOUSE, LEMONT, TAS

SELLER: Tony Seymour

BUYER: Peter Downie

15. $42 MILLION

LAMATTINA CELERY FARM, MORNINGTON PENINSULA, VIC

SELLER: Lamattina family

BUYER: PrimeWest

16. $40 MILLION-PLUS

ROXBOROUGH DOWNS AND MUDGEREBAR STATIONS, BOULIA, QLD

SELLER: John and Kate McLoughlin

BUYER: McMillan Pastoral Company

17. $40 MILLION-PLUS

HENTY, CULCAIRN AND WALBUNDRIE NSW

SELLER: TIAA-CREF (US)

BUYER: Various local farmers

18. $36 MILLION

MINJAH, HAWKDESDALE, VIC

SELLER: Xinjiang Tianshan Animal Husbandry Bio-engineering

BUYER: MH Premium Farms (UK)

19. $35 MILLION

NARDOO STATION, CLONCURRY, QLD

SELLER: Peter and Annie Woollett

BUYER: Sam Daniels, Escott Station

20. $32.5 MILLION

BERRIGURRA STATION, BLACKWATER, QLD

BUYER: Hatton family

MORE

HOW TO INVEST IN AUSSIE FARMS

TASSIE FARMS SELL FOR HUGE PRICES