Riverina almond orchard Mooral at Hillston for sale with an asking price of more than $100 million
A Riverina farm has been listed for sale with an asking price of more than $100 million. We reveal why the property is for sale and who owns it.
ALMOND orchard Mooral at Hillston in the Riverina has been listed for sale with an asking price of more than $100 million.
The 3841ha property, owned by the ASX-listed investment trust Rural Funds Group, is being offered for sale through CBRE.
Mooral consists of 808ha planted to almond trees, which are established at 12-13 years old, and the property has a secured long-term lease to supply ASX-listed Select Harvest.
CBRE’s Col Medway said Mooral was an institutional grade almond orchard.
“A property like this rarely hits the market and there will be a wide range of interest including international and domestic,” Mr Medway said.
“There is a really healthy and adequate water resource on the property of about 15 megalitres per hectare.
“The whole edible nut market is expanding worldwide. They have proven health benefits and have a wide range of uses, not just as the whole nut”.
Mooral’s water entitlements include 10,350ML of lower Lachlan River groundwater, of which 3225ML is subject to a lease, 470ML of Lachlan River regulated high security and 1443ML of Lachlan River regulated general security surface water.
Rural Funds Group owns a diversified portfolio including beef stations, almond and macadamia orchards and vineyards, which are leased to operators. Its assets were valued at $923.1 million last year.
The group’s other properties include Geier vineyard in South Australia’s Barossa Valley, which is leased to Treasury Wine Estates, and the Caroona feedlot at Quirndi in NSW.
Rural Funds Group said in an ASX statement last week, “the decision to market Mooral follows recent favourable comparable sales”.
“If Mooral is sold, proceeds are expected to be redeployed in-line with RFM’s strategy to acquire assets with higher earnings potential and that improve climatic diversification. The acquisitions are likely to be in Northern Australia, in the macadamia and cattle sectors,” the statement said.
Expressions of interest for Mooral close on June 11.
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