Warakirri Asset Management, goFARM Australia: $45 million worth of Mallee farms sold

5000ha of Mallee farmland has been sold to locals with a 350ha almond orchard also changing hands in separate deals.

goFARM managing director Liam Lenaghan. The agricultural investor has offloaded about $15 million worth of farmland near Kerang and Lake Boga. Picture: Supplied

More than $45 million worth of Mallee farmland in Victoria’s northwest has changed hands, with two major institutional investors behind the transactions.

Australian agriculture investor, developer and manager, goFARM have offloaded 5000ha of mixed farmland previously part of Aware Super’s Lake Boga portfolio, located near Kerang and Lake Boga in the southern reaches of the Mallee.

goFARM purchased Aware Super’s 38-farm 9014ha portfolio of horticulture and cropping land along with 8167ML of low-reliability water entitlements in a deal worth about $30 million last year.

Since that deal was finalised, goFARM have sold more than half of that farmland, predominantly divesting a mix of flood irrigated, sub-surface drip and dryland grazing land.

It is understood the traded farmland was sold for circa $15 million in total, with the flood irrigated land sold for more than $7000 a hectare, while the dryland grazing land fetched about $2500 a hectare.

goFARM Australia have sold about 5000ha in the southern Mallee including several farms at Reedy Lake.

The majority of the traded farmland has been sold to a variety of local and Mallee-based buyers who have expanded their existing holdings.

Some of the sold farmland includes the 1500ha Reedy Lake portfolio which includes the mixed properties; Hogg (554ha), Morley (259ha), Clough (129ha), and Desert Gold (85ha).

The farmland retained by goFARM will be used for major field tomato production and irrigated winter cropping.

goFARM, led by chairman Robert Costa, is a joint venture between managing director Liam Lenaghan and Costa Asset Management, which owns about $850 million worth of agricultural and water assets in northern Victoria, southern NSW and Tasmania.

Warakirri Diversified Agriculture Fund have paid $32m for a 350ha almond orchard near Mildura.

Meanwhile the Warakirri Diversified Agriculture Fund’s value has risen to $117 million, thanks in part to their $32 million off-market acquisition of an almond orchard near Mildura.

In a deal negotiated earlier this year, Warakirri have purchased their sixth asset, with the 350ha orchard, Mondall, leased to Bright Light Agribusiness group with a 10-year initial term.

“We’re delighted to add another first-class horticulture asset and a further high-quality Tenant Partner to the Fund,” fund portfolio manager Steve Jarrott said.

“The Bright Light group own and operate almond orchards across the Sunraysia region and have recently completed development of a new, state-of-the-art processing facility, to become only the fourth integrated grower, processor and marketer of almonds in Australia.”