Canadians, Victorian family sell Western District farms for $20 million

A 967ha aggregation of two farms in Victoria’s west have changed hands after they were sold by a Canadian investor and a renowned farming family.

Excel Farms have sold its 967ha Karrara Aggregation, located near Ecklin South.

A huge Canadian agricultural investor, in partnership with a prominent Victorian farming family, has offloaded a 967ha aggregation of farms in Victoria’s highly regarded Western District.

Excel Farms, operated by Nick Paterson – the son of prominent Western District landholders and ACE Radio founders Rowly and Judy Paterson – backed by Canada’s Fiera Comox Partners, have sold the 967ha Karrara Aggregation about three years after they were acquired.

Located near Ecklin South, about 45km east of Warrnambool, the aggregation comprises both the Karrara Farms (559ha) and Acacia Downs dairy (409ha), which were listed for sale in April this year.

At the time the properties were expected to be worth more than $20 million combined, or the equivalent of more than $20,680 a hectare.

It is understood a South Australian family has acquired the aggregation as a whole for about the $20m asking price.

Both cattle and sheep have been produced across the Karrara Aggregation.

In 2021 both the properties were purchased by Excel Farms via off-market deals with the Logan and Watson families.

Since then Excel Farms added bolt-on blocks to the aggregations, and spent significant investment on improving livestock handling facilities and soil amelioration.

In total the Karrara Aggregation was rated to carry 20,000 dry sheep equivalents.

LAWD and Elders Real Estate agent Rob Rickard handled the sale of the Karrara Aggregation.

The Karrara Aggregation comprises the 559ha Karrara Farms and the 409ha Acacia Downs farms.

In April this year Excel Farms also listed the 2821ha Boorala Aggregation at Frances, 30km northeast of Naracoorte in South Australia’s southeast, where it was expected to be worth more than $37m.

The 841ha Manton portion has been sold, while the remainder of the aggregation is for sale as four separate holdings: 912ha Boorala at $14.06m, 434ha Cadgee at $6.4m, 357ha Walkington West at $5.75m and 277ha Boorala North West at $4.5m.

TDC Livestock and Property are handling the sale of the Boorala Aggregation parcels in conjunction with LAWD.

The transactions are the latest in a series of major moves by Excel Farms, which has significantly expanded its Australian agricultural portfolio, growing to hold more than $1 billion in farmland assets nationwide.

Notable transactions include their purchase of the 8554ha Cherylton Farms, near Kojonup WA, for more than $100m and an expansion into NSW following the purchase of the $120m, 26,839ha Ballandry Station near Griffith in the northern NSW Riverina from David Bartter a year ago.