Property tycoon adds to $175m-plus farm-buying spree

A Chinese-born property investor has added another farm to his growing portfolio which now exceeds 16,000ha of NSW farmland.

Jacky Cheung has most recently acquired the 2122ha grazing farm, Fernleigh, after paying $12.95m for the property earlier this year.

A Chinese-born property tycoon has expanded his NSW farmland portfolio in the state’s Upper Hunter region as part of a $175m-plus spending spree.

In recent years Sydney-based, high net-worth investor Jacky Cheung has secured more than 16,000ha throughout NSW, including 7100ha of cropping land in the Riverina and a further 9000ha suited to grazing.

Property records show Mr Cheung has most recently acquired the 2122ha grazing farm Fernleigh, after paying $12.95m for the property earlier this year.

Fernleigh was sold by the Caskey family following three years of ownership, and Mr Cheung quickly secured the property before the close of expressions of interest, creating a 7930ha pastoral run in the process.

Earlier in the year, via holding company Marina Seven Holdings Pty Ltd, Mr Cheung purchased the huge 5810ha Balarang Station, located 60km north of Scone, for $32.5m.

Balarang Station was sold by Sydney businessman Ian Plunkett’s Fostoria Fannon, who also offloaded the nearby 1976ha Crawney Station to a local producer with existing grazing interests for $10.4m last May.

“Fernleigh was a significant success for us,” McGrath Upper Hunter selling principal Micheal Burke said in a statement.

“We used an EOI campaign to attract serious buyers and the property was sold to an adjoining landholder from Sydney within the advertised price range and well before the EOI closed, which was a great outcome.”

The Caskey family sold Fernleigh after three years of ownership.

Fernleigh, which neighbours the Packer family’s 30,000ha Ellerston Station, adds to the 1679ha Timor Creek property acquired by Mr Cheung for more than $11.25m in March 2022.

Alongside more than 9600ha of grazing country in the Upper Hunter, Mr Cheung also owns significant irrigated cropping assets in the NSW Riverina, including the 2807ha Commins portfolio near Whitton NSW, sold as a whole for $88m plus plant and equipment.

Brothers Timothy and Roger Commins listed their huge portfolio of assets for sale earlier this year after corporate buyers approached the pair, offering four hubs within an 18km radius, including the Whitton Hub (1253ha), which has seven farms; the Karwar Hub (1097ha); as well as Nardoo (274ha) and The Weir (183ha) hubs.

A portfolio of 14,112ML of water entitlements comprising 9700ML of surface water and 4412ML of groundwater were also sold in the deal, while existing staff were retained across the Commins portfolio.

Property records show Marina Nine Holdings also owns more than 2760ha on the Sturt Hwy, at Carrathool, and a further 1640ha at nearby Conargo Rd, sold in October last year, before settling in December for more than $32.2m.

It is understood the Sturt Hwy holdings are the Rudd’s Point cotton farm, previously owned by the Warrawidgee-based Minato family’s OJ Minato Pty Ltd.