WA cropping farms tipped to fetch $90m-plus

A 9048ha aggregation of cropping farmland in southern Western Australia has been listed for sale by its high net worth expat owners.

The owners of a renowned WA cropping and cattle enterprise have listed more than 9000ha of prized farmland for sale as they move to consolidate their expansive Australian agricultural holdings.

High net worth expat agricultural investors, Paul and Deidre Cowan of Arkle Farms, are selling their 9048ha Lake Shaster aggregation, which formed part of the massive $400m Project Jaal, offered to the market in 2023.

At the time, more than 16,000ha in Victoria’s Mallee region including some at Natya, 60km northwest of Swan Hill, hit the market with the 26,834ha balance of the portfolio held in multiple locations throughout Western Australia, with some to the west of the south coastal town of Esperance, at Munglinup.

The two-state aggregation was for sale as a sale and leaseback arrangement, with a commencing rent of $16m annually on a triple net lease.

Last year the 9637ha holding, Varley Farms, was carved off from their portfolio and sold for about $50m to Altora Ag — the cropping arm of massive Canadian pension fund, PSP Investments, who added it to their portfolio of 69 properties in NSW, Queensland, Victoria and Western Australia.

Arkle Farms’ Paul and Deidre Cowan, who are Australian expats based in Switzerland, are selling the 9048ha Lake Shaster aggregation, at Munglinup. in Western Australia.

Now a fresh campaign has been launched for the Lake Shaster aggregation properties, located 115km west of Esperance at Munglinup, which are expected to be worth $90m-plus.

It is understood the Cowans, who are based in Switzerland, have retained the remainder of the Project Jaal properties including a further 8150ha in southern WA.

Alongside their cropping pursuits the Cowans’ agricultural portfolio carries a 900-head Angus stud, a 2000-head commercial cattle herd and a 10,000 sheep, lamb and wool enterprise.

Comprising two freehold, contiguous holdings, known as Lake Shaster North (4728ha) and Lake Shaster South (4321ha), the Lake Shaster aggregation is considered 77 per cent arable (6985ha) producing winter cereal and oilseed crops.

Significant capital works have been undertaken across the Lake Shaster aggregation focusing on soil amelioration and earthworks for the purpose of land class development.

Consistent yields across the aggregation average 3.3 tonnes per hectare for wheat, 3.4 tonnes per hectare for barley and 2.4 tonnes per hectare for canola.

Existing infrastructure across the aggregation includes a homestead, two dwellings, two worker’s cottages and seasonal worker’s accommodation, plus three machinery sheds, workshop, 2082 tonnes of grain silo storage and a 1350-tonne fertiliser shed.

LAWD senior director Danny Thomas is handling the sale of the Lake Shaster aggregation with colleagues Jaclyn Hope, Simon Wilkinson and Georgia Hole, with expressions of interest closing July 10 at noon (AWST).