Major almond aggregations Point Farms at Darlington Point and Cavour at Euroley for sale

Two major properties in the Riverina have hit the market and combined could make almost $100 million. See the properties, their owners and significant water assets.

Point Farms, an almond aggregation at Darlington Point in the NSW Riverina has been listed for sale with price expectations of more than $50 million.

THE spring property selling season is going nuts with two major almond aggregations with a combined worth of almost $100 million hitting the market.

The Stott family of Agrinova Pty Ltd this week offered its Point Farms irrigated cropping and almond aggregation at Darlington Point in the NSW Riverina for sale with price expectations of $50-$60 million. The listing comes hot on the heels of the 732ha Cavour almond property on the banks of Murrumbidgee River at nearby Euroley hitting the market for an expected $30 million.

The 2142ha Point Farms aggregation consists of four parcels — Point Farms, Hastings, Cattanach’s and Wetareel — and boasts significant water assets comprising almost 12,000 megalitres of groundwater and river entitlement. It also has on-farm water storages with a capacity of more than 900 megalitres.

Cavour, on the banks of the Murrumbidgee River at Euroley, near Narrandera, boasts 499 hectares of one and two-year-old almond trees, a packing shed and water entitlements of 232 megalitres groundwater and 218 megalitres of Murrumbidgee River water.

CBRE selling agent Peter Ryan said Point Farms was open to expressions of interest from parties interested in providing capital to capture its full development through joint venture, sale and leaseback or purchase.

“Historically, irrigated cotton has been the major cropping enterprise undertaken at Point Farms, as it had the highest profitability,” Mr Ryan said. “However, with neighbouring properties having been developed for horticultural production and the value of water entitlement increasing, Point Farms is ideally suited for an investor seeking to develop the property to its full potential — by either expanding the almond plantings or by establishing other permanent plantings, such as grapes or citrus.”

The sale process for the aggregation will be conducted in two stages. Stage one will seek non-binding offers by October 30. Expressions of interest for Cavour, through LAWD, close on October 22.

It comes after Rural Funds Group sold its almond orchard in the Riverina for $98 million at the end of August. The 3841ha property at Mooral was purchased by the Boston-based Hancock Agricultural Investment Group.

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