Handbury family sell Saltbush Ag portfolio for $33m-plus

A remarkable run of South Australian farms sales has continued after one of the state’s major landholders offloaded their six-farm portfolio.

A remarkable run of farm sales in South Australia has continued with a renowned name in Australian farming circles selling their 2850ha, six-farm portfolio in a combined deal with local Mid-North based buyers..

The Handbury family have sold their Saltbush Ag portfolio, located in South Australia’s Mid-North region, near the Booborowie-Leighton district, dividing it among five farming family businesses.

One farming family has acquired the Feedlot Block (583.9ha) and North Booborowie (333.8ha) lots, while Greenacres (661ha), Dolphins (141ha) and Braefoot Block (879.5ha) and Macks’ (253ha) have been sold to separate families.

In total, the mixed cropping and livestock portfolio fetched more than $33 million, after 19 offers to buy, about 20 inspections and more than a hundred inquiries.

Ray White Rural SA selling agents Geoff and Daniel Schell managed the sale with all six properties under contract.

“There was very strong inquiry, and we did have some offers to purchase the aggregation as a whole, but it has been sold among local farming families who were looking to expand,” Geoff said.

The Handburys’ six-farm portfolio has been divided among five different buyers.

The sale of the Handburys’ Saltbush Ag continues a staggering run for South Australia farm transactions, which has seen almost $200 million worth of farmland change hands since last spring.

Geoff Schell said a strong outlook for South Australian agriculture was driving the high demand for farmland in the state.

“I think there’s a positive feeling about agriculture in South Australia and right now it is seen as a good place to be investing,” he said.

Paddy Handbury and his son Jack have farmed Saltbush Ag for almost 30 years, using the portfolio for cereals, oilseeds, legumes, hay production, prime lamb and wool production.

But they made a strategic business decision to list the properties for sale last November with the intention to relocate their Mid-North farming enterprise to their home base in southeastern South Australia

Late last year the Handbury family completed several major acquisitions, purchasing the 630ha Binbrook farm at Lucindale from the McWaters family for a record breaking $22 million through auction.

The Handbury family acquired the first pieces of the portfolio 27 years ago.

Then in December, the Handburys purchased the adjoining 230ha Clive’s block, from the McWaters family for $5 million through auction.

They also reportedly purchased the 668ha grazing property Chessington, located 25km west of Naracoorte, from the Treloar family for $13.7 million through auction in October.

Paddy Handbury is the son of Victorian philanthropist Geoff Handbury, who was married to Helen Handbury, the sister of News Corp executive chairman Rupert Murdoch.

The Handburys also own several other farms in South Australia and western Victoria including 343,000ha Arcoona Station at Woomera in SA, and The Rises at Balmoral.