NSW cotton farm fetches $23.65 million through auction

A 518ha irrigated cropping property in the Namoi Valley, plus almost 2300ML of water entitlements, has sold for a whopping price.

A Narrabri cotton farm plus almost 2300ML of water entitlements has sold for $23.65 million through auction.

A prized irrigation property in the NSW Wee Waa-Namoi Valley district has changed hands after being sold under the hammer for a huge sum to a local family.

The 518ha Jungaburra, located 40km northwest of the Narrabri township, along with almost 2300 megalitres of water entitlements, were sold through auction for $23.65 million on Thursday, July 11.

Offered for sale by Namoi Valley farmer Sean Revell, the property and water was auctioned via AuctionsPlus, where three of four registered bidders were active.

Bidding on the day started at $15 million before rising to the winning bid of $23.65 million, of which a significant portion was attributed to the value of the water entitlements.

A private local farming family, based in the Namoi Valley was the successful bidder, adding the holding and water entitlements to their existing holdings in the renowned irrigation district.

Nutrien Harcourts Narrabri agents James Thomas and Paul Thomas handled the sale of Jungaburra, describing the result as “phenomenal”.

“The result was well above expectations and reflects a significant uplift in the value of developed irrigation country,” James Thomas said.

Sean Revell has sold the 518ha irrigated cotton property, Jungaburra, located 40km northwest of the Narrabri township.

“The demand was driven by very strong neighbourly interest. The property is well developed and has excellent soils. There are not many of these left.

“People don’t know when could be the next time a property like this is for sale.”

The sale of Jungaburra concluded the Revell family’s farming history in the NSW Wee Waa-Namoi Valley district, which dates back more than 50 years.

Originally from Melbourne, David and Helen Revell were farming pioneers in the Ord River irrigation scheme in northwest Western Australia in the early 1960s. They later moved to Wee Waa as the district opened up to cotton, starting off in a sharefarming arrangement before buying their own land.

Of its 518ha, 360ha at Jungaburra is developed for flood protected irrigation, while 48ha is used for dryland cultivation, producing annual cotton crops.

Water entitlements sold with the property included 972ML lower Namoi River general security, 916ML lower Namoi River supplementary B class and 408ML lower Namoi groundwater.

Last month in the NSW Riverina cotton district a Sydney-based, Chinese-born property tycoon expanded his landholdings, emerging as the buyer of the whopping Commins portfolio at Whitton, sold for $88 million.