TI Campbell family sell Ilkadoon, Tarnook and Paradise farms for about $15m

A central Victorian farming family has purchased a major slice of a historic aggregation sold for the first time since 1885.

Three northern Riverina farms steeped in history have sold for the first time in 136 years.

The TI Campbell and Sons farming aggregation sold for about $15m to three separate buyers.

The 2333ha Ilkadoon, 3250ha Paradise and 647ha Tarnook properties were listed for sale late last year with price expectations of about $15m combined, plus 6500ML general water for sale.

The three northern Riverina properties, two located at Goolgowi and one at Gunbar, were established by rural lobbyist and founding member of the Farmers and Settlers’ Association Thomas Irving Campbell in 1885.

Since then the farms have been used as irrigation, broadacre and grazing country with four of Mr Campbell’s grandchildren, Russell, Max, Brian and Jenny in charge at the end.

Ilkadoon was snapped up by the central Victorian farming enterprise, Kennedy Agriculture, in a deal worth about initial price expectations of $3397 a hectare ($7.93m).

Kennedy Agriculture, based near Elmore, also owns farmland near the northern Riverina, purchasing Ilkadoon to expand their NSW cropping holdings.

Ilkadoon, Tarnook and Paradise, all parts of the TI Campbell and Sons aggregation, have been sold to three separate buyers.

It is understood Kennedy Agriculture are planning on running Ilkadoon in a similar way to the Campbell family, but are also looking at options for expansion.

Spencer and Bennett Real Estate selling agent Wayne Spencer said the 3250ha Paradise farm received significant interest before it was sold to a local for about initial price expectations of $1457.85 a hectare ($4.74m).

The Paradise block had been primarily used for grazing with about 1050ha of arable country.

The smaller Tarnook block was also sold to a local who snapped up the 647ha farm for a price about initial expectations of $3013 a hectare ($1.95m).

Clearing sale auctions for equipment and machinery from the TI Campbell and Sons aggregation are scheduled for July 20.

Recently, a nearby premier dryland irrigation and cotton farming enterprise HK Farming at Gunbar hit the market with a $31.5m price tag, which includes about $16.5m of water.