Merriwa Pastoral Company sells Mallee cropping portfolio

A broadacre cropping portfolio in northwest Victoria has been sold after it hit the market with an asking price of $10 million-plus.

A large broadacre cropping portfolio in Victoria’s Mallee region has been sold with more than 1400ha now under contract.

The Merriwa Pastoral Company listed their Mallee cropping portfolio for sale for $10 million-plus in March, and it has been confirmed the farms have now been sold.

Details of the purchaser and price remain undisclosed, but the farms hit the market with price expectations of about $6738 a hectare ($2727 an acre).

Recent sales in the district indicate the farms could have fetched more than $7660 a hectare ($3100 an acre).

The portfolio comprises three properties Home (373ha), Estate (420ha) and Ryans (691ha) at Normanville, 15 minutes from Kerang.

The three-farm Mallee cropping portfolio was listed for sale for about $10m-plus.

It was expected the scale of the portfolio would attract family farming groups and corporate investors.

Colliers’ selling agents Duncan McCulloch and James Beer handled the sale.

In North East Victoria, Russell Washusen has sold Glenisla at Warrenbayne, a 111ha farm with a boutique vineyard and winery, farm forestry and an Angus cattle operation.

Glenisla was passed in at auction but a local farming family expanding their livestock holdings have secured the property after post-auction negotiations.

Initial price expectations for the farm were about $2.5m and it is understood the farm was sold for a figure in this vicinity, fetching more than $20,000 a hectare.

There was a boutique vineyard and winery, farm forestry and an Angus cattle operation at Glenisla prior to sale.

The carbon-neutral livestock farm and adjoining grape production enterprise hit the market in April and was scheduled for a May 14 auction.

Rodwells Benalla agent Brett Neilson handled the sale and said the property received interest from metropolitan buyers and locals, with many looking at Glenisla to expand their existing holdings.

Earlier this month a central Victorian farming family purchased a major slice of a historic aggregation in the northern Riverina after it was sold for the first time since 1885.