Property tycoon snaps up NSW Riverina water

A Sydney-based, Chinese-born investor has purchased more than 2000ML of water entitlements in multimillion dollar deals. See the details.

A Sydney-based, Chinese-born property tycoon has expanded his NSW Riverina agricultural portfolio following the multimillion dollar purchase of more than 2000ML of water entitlements.

NSW records show high net-worth property investor Jacky Cheung, via his company Marina Nine Holdings Pty Ltd, has completed five transactions to purchase more than $7 million worth of water.

In May this year Marina Nine Holdings acquired 1000ML of Murrumbidgee regulated river water (general security), paying $2600 a megalitre for a total of $2.6 million.

On June 4 Marina Nine Holdings also completed a further three purchases including paying $761,250 for 174ML of Lower Murrumbidgee deep groundwater source (Aquifer), or $4375 a megalitre.

On June 13 they also paid $1.271 million for 289ML of Lower Murrumbidgee deep groundwater source (Aquifer), or $4400 a megalitre.

Then on June 26 Marina Nine Holdings paid $800 a megalitre for 282 megalitres of Murrumbidgee regulated river supplementary water for $225,000.

Finally earlier this month on July 23, a further 500ML of Lower Murrumbidgee deep groundwater source (Aquifer) was also purchased for $2.2 million, or $4400 a megalitre.

In total the five transactions were worth $7.05 million for a 2245ML portfolio.

Marina Nine Holdings has purchased more than 2000ML of Murrumbidgee water entitlements.

Marina Nine Holdings recent water transactions follow a pair of Riverina property transactions worth more than $120 million combined.

In June Mr Cheung reportedly paid $88 million to acquire the 2807ha Commins portfolio, near Whitton, comprising 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.

Brothers Timothy and Roger Commins had aggregated and developed their cotton and irrigated cropping portfolio since 1989, selling the farms with 14,112ML of water entitlements comprising 9700ML of surface water and 4412ML of groundwater in the deal.

NSW property records also show Marina Nine Holdings purchased about 4720ha for more than $33 million for properties at Sturt Hwy, Darlington Point and Conargo and Gum Creek Rd, Carrathool in October last year.

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.

Alongside this newly established cotton farm portfolio, Mr Cheung has vast residential and commercial property interests including a Bunnings warehouse at Hoppers Crossing in Melbourne’s west, purchased for $79 million in 2022 and a waterfront Sydney penthouse at Pyrmont, bought for $23 million earlier this year.