More than $90 million tipped for massive five-farm portfolio

A 13,740ha aggregation of five southern Queensland farms is for sale, offered by a US-backed agricultural fund manager.

The five-farm Carpendale Portfolio has been listed for sale.

Offers worth more than $90 million are expected for an institutional grade southern Queensland cropping portfolio owned by a US-backed agricultural fund manager.

Laguna Bay, an Australian agricultural fund manager significantly backed by the Washington State Investment Board, has listed the Carpendale Portfolio near Goondiwindi for sale.

Spanning 13,740ha, the Carpendale Portfolio comprises five nearby properties known as Manus (2525ha), Tingan and Nomby (4115ha), Bendidee (2576ha), Carpendale (3338ha) and Mayfair (1186ha).

About 89 per cent (12,259ha) of the Carpendale Portfolio is considered arable having undergone extensive land development, producing winter and summer crops of wheat, barley, canola and sorghum, with the balance comprising grazing and support land.

An adjacent leasehold land of 5627ha, comprising Colorado (858ha), Akaringa (1168ha), Cobblecundy (1937ha) and Flock and Balandry (1665ha), is also offered as part of the portfolio, which is expected to receive offers worth more than $90 million.

Laguna Bay are selling the Carpendale Portfolio, about 30km from Goondiwindi QLD.

LAWD senior directors Danny Thomas and Jaclyn Hope are handling the sale alongside Nutrien Harcourts Goondiwindi agent Andrew Jakins.

Established in 2010, Laguna Bay is one of Australia’s longstanding ag fund managers, providing investment partners with exposure to three key themes: rising food demand, decarbonisation and inflation.

Headed up by founder and managing director Tim McGavin, Laguna Bay owns several key Australian agribusiness assets including the 40 South Dairies, comprising 14 farms and 4000ha near Smithton in Tasmania.

In recent years the fund has been involved in notable deals following the sale of substantial Victorian assets, including the 20,000ha Adveq Almond Trust near Robinvale for more than $350 million in 2019, the historic 8200ha Banongill Station for $80 million in 2020 and the 3353ha Woorndoo aggregation near Lake Bolac for $70 million in 2021.

Olam International’s Queensland Cotton are selling the Codenwarra West property near Emerald. QLD.

Meanwhile, elsewhere in Queensland Olam International-backed Queensland Cotton is selling its Central Queensland irrigated and dryland cropping property after five years of ownership.

Spanning 3443ha, Codenwarra West, located 9km northeast of Emerald, is being sold on a walk-in walk-out terms with a 4319ML water allocation.

Codenwarra West was sold by the McCullagh family for about $18 million to the Singapore-based Olam International in 2019.

Saudi Arabia’s Public Investment Fund owns 35 per cent of Olam International.

Ray White Rural agent Jez McNamara is handling the sale alongside Bruce Douglas, via a September 12 deadline.