Excel Farms, Cairlocup: WA farmland changes hands in $90 million deals

More than 26,400ha of WA farmland has been sold in four top-dollar deals as several local farming families expanding their holdings.

Three expansive Western Australian farms in the state’s southeastern regions have been sold in separate deals worth a combined value of about $50 million, while the buyer of 12,000ha aggregation sold earlier this year has also emerged.

In WA’s wheatbelt region, the Hodgson family has sold its 9910ha mixed cropping and grazing property, Amaroo at Kulin, ending a tenure that dates back almost 100 years to 1927.

In July Geoffrey Hodgson and wife Cathy decided to retire, listing the property for sale at $20.5 million.

The purchaser and terms of the deal remain undisclosed due to confidentiality arrangements, however it is understood the transaction will settle early next year.

Meanwhile 200km south of Amaroo, the 2500ha Kembah at Jacup has been sold in a deal with two local buyers.

Kembah will be spilt into two portions after the Spinks family listed the property for sale earlier this year with expectations in the vicinity of $14-$15 million.

The 2500ha Kembah at Jacup, in southern Western Australia has been sold in a deal with two separate local buyers.

Nutrien Harcourts selling agent Terry Norish handled the sale and said the Jacup property attracted interest mainly from local buyers with some corporate interest.

A further 50km west of Jacup, the 2074ha Ellendale aggregation at Needilup, has been sold by the Trevaskis family as it entered succession planning.

A local farming family snapped up the property in a deal understood to be worth $7410 a hectare, or more than $15 million in total.

Listing agent John Hetherington handled the sale and said rising interest rates, tougher cropping seasons this year and a more cautious livestock market had cooled demand in the WA rural property market.

The Trevaskis family has sold its 2074ha Ellendale aggregation at Needilup, WA.

“The market is tough and there isn’t as many buyers as last year,” Mr Hetherington said.

“The more marginal farmland in the east has dropped in price, but the better, more reliable country is holding firm.”

He said local demand was the most prominent in the market with many corporate buyers stepping back, except for the ever-growing Excel Farms, a partnership between Canada’s Fiera Comox Partners and Nick Paterson – the son of prominent Western District landholders and ACE Radio founders Rowly and Judy Paterson.

It has also been confirmed Excel Farms has further expanded its WA farming footprint, emerging as the buyer of the 12,000ha Southwark Soaks aggregation at Pingrup, which was sold earlier this year.

In February, the six-farm aggregation was sold for more than $40 million in total.

Since renamed Cairlocup, the aggregation is the third major acquisition for Excel Farms this year, alongside the $100 million purchase of Cherylton Farms, at Ryansbrook WA, and the more recent purchase of the $120 million Ballandry Station in the northern NSW Riverina, which spans 26,839ha near Griffith.