Project Jaal, Ballandry Station: $700 million worth of Aussie farms up for grabs

Several high profile Australian farms are set to change hands, but why are they for sale and who might buy them?

Almost $700 million worth of Australian farmland has stormed the rural property market with a number of high-profile properties expected to field staggering offers.

Most notably a $400 million, 42,900ha portfolio of Victorian and Western Australian farms has been listed for sale, as a sale and leaseback arrangement, by its private high net worth Australian expat vendor.

The Project Jaal portfolio comprises more than 16,000ha of mixed farmland in Victoria’s Mallee Region near Swan Hill, while the 26,834ha balance of the portfolio is held in multiple locations throughout Western Australia, with some at Munglinup west of Esperance.

The Project Jaal portfolio comprises farmland from Victoria’s Mallee and southern Western Australia.

Meanwhile Australian poultry industry pioneer David Bartter has listed his mammoth 26,839ha northern Riverina property, Ballandry Station, for sale for the third time in five years. It is expected to sell for $120 million.

The headline listings have come at a time rural land values have been forecast to settle at record levels for the remainder of this year.

“Most agricultural commodities have peaked or are close to their peak, and consequently lower growth and consolidation are expected in property valuations,” NAB head of valuations Mark Browning said.

“With some disparity in valuations between regions (based on long-term bias rather than performance), expect buyers to be a little more discerning about where they plough their cash.”

CBRE Agribusiness director Matt Childs said he had also noticed buyers were becoming more measured before committing to a transaction.

“There is no doubt the commodity prices combined with the predicted weather forecasts and high interest rates are preventing some buyers from investing,” he said.

“Alternatively, other buyers see this as an opportunity while there is less competition in the market.

“I don’t expect any dramatic shift in the market or buyer sentiment. Quality assets will always find a suitable buyer, they just may not have to compete with seven or eight others.”

The 200-year-old Glenrock farm has been listed for sale.

Nine-figure offers are also anticipated for the 990ha historic Glenrock property, near Tallong in the highly sought NSW Southern Highlands.

Retired lawyer and corporate adviser Charles Mendel is selling Glenrock after four decades of ownership and significant restorations to the circa 1830s homestead.

Meanwhile southern NSW Riverina cattle stations Juanbung and Boyong, totalling 34,114ha, have also hit the market where they could make north of $60 million.

Located at Oxley, about 110km northwest of Hay, the stations were purchased by The Nature Conservancy and Tiverton Agriculture from TRT Pastoral’s Tim Roberts-Thompson four years ago for $55 million.

Finally, in Victoria’s North East the Gross family are preparing to sell their 1455ha farm, Castle Creek, near Euroa, expecting offers greater than $16,071 a hectare, or $23 million-plus as a whole.