Sydney investor to sell Merewyn and Crux fruit farm aggregation for $25m-plus

A Sydney-based investor is selling a 400ha horticulture operation, with the property expected to command more than $25m.

One of Sunraysia’s premier fruit farming aggregations has hit the market with the 473ha property expected to command a $25m-plus price.

A Sydney-based investor is selling the Merewyn and Crux Farms, a fruit farming operation located at Iraak, 30 minutes from Mildura. In addition to the land, valued at more than $25m, the deal includes water, plant and equipment.

The aggregation is split into nine lots, including four properties at Merewyn Farms, Colignan (266ha), four properties at Crux Farms, Iraak (170ha) and one property at Claradale Farm (35ha), near Leeton in the NSW Riverina.

Colliers International Adelaide and agribusiness national director Tim Altschwager said the property had some unique features which have sparked buyer interest.

“The market is attracted to the scale, geographical and diversity of plantings and significant water holdings,” he said.

“The assets should generate buyer activity in the high $25 million-plus.

“We have received really good interest so far.

“This is a good asset with a diversified portfolio.”

Mr Altschwager said both national and international parties have been interested in acquiring the Merewyn and Crux Farms aggregation.

Across the sites, Merewyn and Crux Farms grows citrus (240ha), wine grapes (115ha), almonds (38ha), avocados (5ha) and mangoes (1ha).

Qualia Wines has purchased the wine grapes for a number of years, while the citrus, avocados and mangoes are sold through Mildura Fruit Company.

There are nine lots for sale as part of the Merewyn and Crux Farms.

The Merewyn and Crux Farms are run by a Sunraysia fruit farm management group.

The Sydney-based investor and aggregation owner initially started out purchasing one of the farm sites, and has grown the portfolio over time into the nine-farm collection.

There is 400ha of established plantings, three main productive hubs and substantial water entitlements on the aggregation.

The farms are for sale in-one-line, individually or collectively, with expressions of interest closing Friday, March 18 at 4pm (ACDT).

Almost $300m worth of Victorian horticulture farms are now on the market after the goFARM Sandmount Farms aggregation also hit the market earlier in February.