Queensland cropping farms sold to three families for $25m
A 2094ha dryland cropping aggregation has been carved up between three farming family buyers, while a defunct sandalwood estate has also changes hands.
An Australian superannuation fund has sold a three-farm dryland cropping aggregation, splitting it up between a trio of family farming buyers.
Rest Super has sold the 2094ha Dalby Aggregation, located in Queensland’s Western Downs region, 25km from Dalby.
The aggregation, comprised the non-contiguous 1430ha Daybreak, 438ha Sunset and 226ha Thompsons properties which were part of the broader 8951ha Myobie portfolio.
Managed by Warakirri Cropping, the aggregation comprised about 97 per cent fertile black and grey self-mulching cracking clays suited to cotton and sorghum crops during summer, and winter crops of wheat, barley and chickpeas as winter crops.
Offers for the aggregation were expected to reach a value in the vicinity of $25 million.
It is understood each of the three cropping properties has been sold separately to three family farming buyers. The value of the transactions remains undisclosed.
When the aggregation was listed for sale there was 740ha planted to cotton, which was to be included in the sale, while the balance of 1294ha was fallow.
LAWD senior director Danny Thomas and director Simon Cudmore handled the sale of the Dalby Aggregation.
Meanwhile in the north of the state, a joint venture between ASX-listed Eildon Capital Group and the AAG Investment Management (AAGIM), have purchased the defunct Dalmil and Millaroo sandalwood estates.
Formerly owned and operated by the collapsed Quintis Forestry Pty Ltd and Sandalwood Properties, receivers appointed to the Burdekin portfolio have sold the 1835ha aggregation to Dalmil Sugar Land Pty Ltd as Trustee for the Dalmil Sugar Land Trust.
Located across the Dalbeg and Millaroo districts, the aggregation consists of 16 individual properties developed to support intensive irrigation and horticultural production and is supported by 13,500 megalitres of Burdekin River entitlements.
AAG has been appointed investment manager for the joint venture and will commence work to remove and dispose of the plantation and remediate the land to a condition suitable for sugarcane farming over a three-year investment term.
Elders Real Estate Mackay agent Robert Murolo handled the sale.
Eildon Capital Group is an ASX-listed real estate investment and funds management business with $81 million in Assets Under Management.
Eildon’s joint venture partner AAGIM provides asset and investment management services to family offices, institutions and pension funds and currently holds $600 million-plus in Fund Under Management Assets.
