NSW cotton farms sold for almost $30 million

An Aussie expat hedge fund billionaire has sold more than 3800ha of northern NSW cropping farms to a local farmer. See all the details.

A northern NSW cropping farmer has swooped on five neighbouring farms, paying almost $30 million to acquire a 3888-hectare aggregation.

NSW property records show Merah North farmer Nigel Melbourne, via a holding company Gunedra Pty Ltd, has purchased the five-farm Gunedra Aggregation, from Australian-born UK hedge fund billionaire, Lord Michael Hintze.

Records show Mr Melbourne has acquired the farms, known as Gunedra (1119ha), Redcamp (1089ha), Tarong, Yarraman, N Garden, all of which are located at 24617 Kamilaroi Hwy, Wee Waa NSW.

The aggregation was sold for $29.5 million in an off-market deal, settled earlier this year.

The purchases add to Mr Melbourne’s existing northern NSW mixed cropping holdings, including the neighbouring property at 24677 Kamilaroi Hwy.

Merah North farmer Nigel Melbourne has purchased the 3888ha Gunedra Aggregation, located near Wee Waa NSW.

The Gunedra Aggregation had been owned by Lord Hintze’s MH Premium Farms since 2011, when his pension fund purchased the Gunedra and Redcamp holdings for about $14 million.

In recent seasons the Gunedra properties had 2000ha of irrigated cropping underpinned by Namoi River water entitlements, supplemented by bore water, growing a mix of cotton, wheat, corn, chickpeas and sorghum.

Cotton and grain were also grown on the remaining dryland paddocks.

The Gunedra transaction is the latest in a string of divestments by Lord Hintze’s MH Premiums Farms, worth almost $100 million combined.

Last year MH Premium Farms sold the 7489ha Warrane property, near Armidale, for about $41 million to Origin Energy.

UK-based hedge fund trader Lord Michael Hintze. Picture: Hollie Adams (The Australian).

In late 2007, Lord Hintze purchased Warrane for a reported $22 million on his way to accumulating a mammoth Australian agricultural portfolio, after founding hedge fund CQS in 1999.

NSW property records also show MH Premiums Farms sold the 8111ha Mourabie portfolio, near Walgett in northern NSW, last July for $21.552 million to Peter and Jane Harris’ Budvalt Pty Ltd.

The Mourabie portfolio comprises two properties within a 3km radius, the 4327ha Mourabie and 3784ha Bynia.

Mr and Mrs Harris operate P & J Harris and Sons which ranks among Australia’s biggest privately owned cotton operations, overseeing a huge portfolio in northern NSW including home farm Kindamindi at Moree, Miralwyn at Carinda, Moomin at Rowena as well as Rumleigh Station at Brewarrina.

MH Premium Farms also sold the 631ha Molleen, located 2km southwest of Wee Waa, through auction in June this year where it fetched $7.8 million under the hammer.