Sullivan family sell Tooroora, at Dirranbandi, to Slack-Smith family for $25m-plus

A 6677ha southwest Queensland dryland cropping and irrigation farm has sold to an Aussie buyer in a deal struck prior to auction.

A blue-chip southwest Queensland dryland cropping and irrigation farm has sold before auction for an eight-figure price.

Renowned Queensland croppers, the Sullivan family, have sold their 6677ha lower Balonne property, Tooroora, at Dirranbandi.

Northern NSW farmers Andrew and Jo Slack-Smith purchased the proeprty in a deal understood to be about $25m-$30m.

The Slack-Smith’s will add Tooroora to their existing farming operation at Burren Junction, NSW.

Tooroora was listed for sale in March and was scheduled to go to auction on April 21.

However, an agreement was made prior to the auction date for the lower Balonne irrigation and dryland farm.

Nutrien Harcourts Queensland selling agent Andrew Jakins said the sale of Tooroora was a strong result.

Andrew and Jo Slack-Smith have added to their Burnee Junction holdings after acquiring the Tooroora farm.

“Interest in the farm came from everywhere; local and from further afield,” Mr Jakins said.

“Buyers were mostly interested in the diversity of irrigation and dryland cropping and water security.

“The property stacks up and is very, very well presented with excellent infrastructure.

“There was also a full moisture profile ready to use for planting the upcoming winter crop.”

Cotton and dryland cropping farms have been in hot demand this year with several major deals completed so far.

The Kooba Ag portfolio, which consists of 20,000ha west of Hay and included 17,000ML of supplementary water, was sold in a deal worth about $63m in April.

While a North American agricultural investment group sold Queensland’s Kalanga cotton aggregation in February to a family farming operation in a deal worth about $80m.

Earlier this year the renowned Cubbie Station was purchased by an Australian agricultural fund in a mammoth deal.

The Sullivan family have run the Tooroora farm for 18 years, developing the property into a “first-class” cropping enterprise.

The sale of the property, located at Kilcummin Rd, 12km northeast of Dirranbandi, included 530ha of cotton crop and 250ha of mung beans.

The Sullivan family have run the Tooroora farm for 18 years, developing the property extensively.

The farm boasts lower Balonne alluvial flood plain soils and a developed irrigation area of 780ha.

An irrigation water licence of 2262 megalitres Nominal Volume plus OLF licence is attached to the property along with on farm storage capacity of 12,800 megalitres in three cells, at a current capacity exceeding 90 per cent.

There are about 4028ha of dryland farming, and improvements consisting of four residences, grain storage facilities and new cattle yards.