Victorian farming family purchase Southwark Soaks aggregation for $40m-plus

Six farms totalling almost 12,000ha in Western Australia’s Great Southern region have been purchased by a major Victorian farming family.

A large Victorian farming family has made a major property play, snapping up six separate broadacre farms located in the Great Southern region of Western Australia.

The undisclosed Victorian family has purchased the Southwark Soaks aggregation, comprising almost 12,000ha of mostly cropping farmland between Pingrup and Jerramungup, located about four hours southeast of Perth.

It is understood the six-farm aggregation was sold for more than $40 million in total, which included the land and existing infrastructure.

Five separate families were involved in the deal as vendors, with four families offering up parcels of their land after the sale of the nearby 3674ha Southwark Soaks farm attracted significant interest from local and interstate buyers.

The identity of the buyer remains undisclosed, with the settlement of the farms being completed.

Ray White Rural Albany Kojonup selling agent Kate Jefferies managed the sale and said the aggregation was formed after discussion with landholders close to the Southwark Soaks farm.

Six farms owned by five separate families have been sold to a major Victorian farming family.

“Knowing there was interest in securing more land in the area I approached nearby farmers to see if any of them had considered selling either whole or outlying properties and presented them with the opportunity to sell as part of a larger aggregation of properties,” Ms Jefferies said.

“Some of whom had owned the land since clearing it themselves when the land was developed in the 1960s and 1970s, while some had more recently acquired the land.

“Most of the families (vendors) still have land in the area and will continue to farm, but in many cases higher land prices and subsequent sales of parcels of land have allowed a restructure of business for succession, reinvestment, retirement and other purposes.”

Ms Jefferies said there had been a lot of inquiry from buyers looking to purchase southern Western Australian farmland.

The farms comprising the Southwark Soaks aggregation have primarily been used for cropping and some sheep production.

“Farming practices have made big advances to the way we use rainfall in these medium rainfall regions, with increasing efficiencies and advancing technologies seeing more kilograms of grain being grown per millimetre of rain than ever,” she said.

“This is making these areas more and more attractive for buyers – especially larger investors looking to secure larger areas of broadacre farmland.

“We are now seeing investors, who are being squeezed by land prices and availability in the east, look to Western Australia as being better value and an attractive option for expanding agricultural enterprises.”

The headline deal comes after the Victorian-based Excel Farms, backed by Canada’s Fiera Comox Partners, purchased WA property developer Julian Walter’s 8554ha Cherylton Farms near Kojonup, also located in WA’s Great Southern Region, for more than $100 million.

Excel Farms is operated by Nick Paterson – the son of prominent Western District landholders and ACE Radio founders Rowly and Judy Paterson.