Harvard University lists Riverina farms Moora, Euroley and Newmarket for sale

One of the world’s most prestigious universities, Harvard, has listed three of its NSW farms for sale with a $120 million price tag. Its move to divest the properties brings the latest of a string of high-profile Riverina offerings on to the market.

James Wagstaff and SHANNON TWOMEY

2 min read

October 12, 2020 - 10:34AM

The Weekly Times

ONE of the world’s most prestigious universities has listed three of its NSW Riverina farms for sale for $120 million.

The Harvard University Endowment Fund, which manages US Ivy League Harvard University’s $58 billion donation kitty, is set to divest its Western Rosella Farming cotton and almond portfolio.

The portfolio — which comprises the 524ha Moora property at Hillston, the 2419ha Euroley at Euroley, near Leeton, and the 10,708ha Newmarket property west of Hay — is the latest in a string of high-profile offerings in the Riverina this spring.

According to selling agent Danny Thomas, of CBRE Agribusiness, Moora boasts 435ha of almond plantings and Euroley 376ha of almonds while Newmarket has about 1200ha under irrigation with a similar area approved for development.

Significant water rights are also included in the sale.

Newmarket has been on the market for some time. It was initially marketed with the 11,000ha Cowl Cowl and 9950ha Wyadra properties at Hillston, which Harvard sold to another Boston-based company, Hancock Agricultural Investment Group, earlier this year for $120 million-plus.

Harvard has educated eight US Presidents — John Adams, John Quincy Adams, Rutherford B Hayes, Franklin D Roosevelt, Theodore Roosevelt, John F Kennedy, George W Bush and Barack Obama — as well as Facebook founder Mark Zuckerberg and Microsoft founder Bill Gates.

The Harvard endowment fund is the largest academic endowment in the world. According to its “Report of Giving”, the three biggest donors in 2018-19 gifted a combined $US431 million to the university. The donor list reads like a who’s who of tech billionaires, business identities and politicians, including Mr Zuckerberg, the Rockefeller family and former New York City mayor Michael Bloomberg.

The Harvard offering comes less than a week after the Stott family of Agrinova Pty Ltd listed its Point Farms irrigated cropping and almond aggregation at Darlington Point in the Riverina for sale with price expectations of $50-$60 million.

It also follows the 732ha Cavour almond property on the banks of the Murrumbidgee at nearby Euroley hitting the market for an expected $30 million and the Star family offering its 4495ha Wonga Station near Jerilderie for more than $14 million. One of Australia’s best-known Merino properties, Wonga is being marketed as “highly suited” to permanent plantings such as almonds.

Permanent plantings continue to be strongly sought after by investors. At the end of August, Rural Funds Group sold its Mooral almond orchard at Hillston for $98 million to Boston-based Hancock Agricultural Investment Group.