Boonoke and Wanganella: Rumours iconic Riverina properties for sale

ICONIC Riverina properties Boonoke and Wanganella are rumoured to be on the market as part of a deal that could be worth up to $400 million.

Action stations: Colin Bell at Boonoke Station near Deniliquin in the NSW Riverina.

ICONIC  Riverina properties Boonoke and Wanganella are rumoured to be on the market as part of a deal that could be worth up to $400 million.

The Weekly Times understands the Bell family, of Bell Financial Group, is privately canvassing potential suitors for its Australian Food and Agriculture, which owns almost a quarter of a million hectares across NSW, the famous Boonoke and Wanganella Merino studs and significant water ­titles.

The rumoured sale price would eclipse the current $386.5 million bid for Australia’s biggest landholder, S Kidman and Co, which covers 10.1 million hectares.

AFA’s 225,405ha holding includes six properties at Conargo — Barratta, Boonoke, Peppinella, Wanganella, Warriston and Zara, covering 122,934ha; five at Hay — Burrabogie, Kolora, Mulberrygong, North Cobran and Wahwoon, totalling 57,023ha; and the 44,181ha Wingadee and Netherway properties at Coonamble.

The properties include 22,000ha of dryland cropping country, 11,000ha of developed irrigation country and 54,693 megalitres of water allocation. They currently run 79,000 Merino ewes and 4000 Hereford breeding cows.

Bell Financial Group executive chairman Colin Bell didn’t return The Weekly Times’ calls this week in relation to the rumoured offering but multiple sources have said the sale is real. It is believed the Bell family’s US-based business partner is keen to divest his interest in the company.

One source, who did not wish to be named, said the major selling point of the operation would be its large water entitlements.

The source also said it was unlikely the properties would be sold as a whole, and were expected to go in three different parcels. The source added the land would be particularly attractive at the moment given it was fully stocked, had full water allocation and the season was good.

It is understood that under the terms of the new sale, the Boonoke and Wanganella studs must remain intact.

Noted business identities Gina Rinehart and Lindsay Fox are said to be among those who have inspected the AFA properties in recent months.

A spokesman for Mr Fox did not comment on the speculation, while a spokeswoman for Ms Rinehart failed to respond to a request for comment.

The Bell family purchased the Conargo properties, part of the FS Falkiner stable, from News Limited, publisher of The Weekly Times, in 2000 for a reported $40 million.