Canadians to sell NSW Riverina farms for $45m-plus
Australia’s biggest potato wholesaler — backed by a mammoth Canadian pension fund, are selling their 3646ha cropping farms with a 6005ML water portfolio.
A giant Canadian superannuation fund has listed more than 3600ha of western NSW Riverina farmland for sale, more than two years after taking control of Australia’s biggest potato wholesaler.
Ontario Teachers’ Pension Plan Board and its Australian agriculture subsidiary AustOn Corporation, are selling the 3646ha Mitolo Hillston portfolio, owned as part of the Mitolo Family Farms enterprise.
In March 2023, AustOn acquired a majority equity interest in Mitolo Family Farms, with the Mitolo family retaining a significant ownership stake.
Mitolo Family Farms is one of Australia’s leading potato growers, founded by Bruno Mitolo in 1972, growing to hold 51,000ha of land in NSW and South Australia plus 700 staff.
However, in a move to optimise their landholdings, the Mitolo Hillston Portfolio has hit the market, where it is expected to be worth $45m-plus as a whole, inclusive of the water portfolio.
The portfolio comprises four non-contiguous holdings, known as Moora (532ha), Shilo (673ha), Glenavon (2435ha) and the Lachlan River Packing Shed (6ha), within a 14km operating radius of one another, 25km north of the Hillston township.
HILLSTON, NSW
MITOLO HILLSTON PORTFOLIO
Property: cropping
Sale: expressions of interest closing June 26 at noon
Size: 3646ha
Price: $45m-plus
Agent: LAWD Agribusiness
Contact: Jaclyn Hope, 0424 596 858, Patrick Kerr, 0451 142 791 and Danny Thomas, 0439 349 977
In recent years the portfolio has produced irrigated and dryland crops with a focus on 40,000 tonnes of brushed potatoes per annum, plus wheat, barley and canola. The northern property is used as a packing and grading facility featuring coldroom storage.
LAWD Agribusiness senior director Jaclyn Hope is handling the sale alongside colleagues Patrick Kerr and Danny Thomas, with expressions of interest closing June 26 at noon.
There are 1872ha of centre pivot irrigation paired with 1542ha of dryland arable land, suitable for additional irrigated cropping pursuits.
A water portfolio of 6005ML of highly secure water entitlements via the Lower Lachlan groundwater source, supports production via four bores at Mitolo’s Hillston farms.
There is also the ability to carry-over unused water entitlements year-on-year up to 150 per cent.
The majority of the portfolio’s soil types are red brown chromosols and calcareous red soils, which are suited to low-input cropping.
Structural improvements and operational infrastructure include an extensive grading and packing shed facility, significant coldroom storage, machinery, implement and storage shedding.
There are also extensive workshops, chemical storage, fuel storage and fill points, plus grain silos (240 tonnes), 950m earthen airstrip and two dwellings.
In November 2023, the Victorian fruit farming family behind Montague, sold the majority of its 75-year-old enterprise to AustOn, after launching in 2018.
They have since acquired multiple permanent plantings farms including Aroona Farms, which produces almonds in South Australia and Victoria, Jasper Farms and Pomona Valley, which produces apples and stone fruit in Victoria.
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