Why 15 of the best NSW Riverina farms are on the market
Farms estimated to be worth more than $750m combined are for sale in the NSW Riverina, offering the chance for huge changes in ownership.
The list of who owns some of the NSW Riverina’s finest farmland is set to undergo transformational change this year with 15 notable properties now on offer to the market.
This year a mix of irrigated cropping, dryland cropping and huge pastoral holdings have hit the market, estimated to be worth well in excess of $750m combined.
Most recently, news of Macquarie’s move to sell its 4.48 million-hectare Paraway Pastoral Company has added five significant stations in the Riverina to a market stacked with first-class offerings.
Paraway’s Riverina holdings span almost 280,000ha combined including Cooinbil Station at Coleambally (89,040ha), Mungadal Station at Hay (116,994ha), Pooginook Station at Jerilderie (19,656ha), Steam Plains Station at Conargo (46,395ha) and The Bulls Run Station near Wagga Wagga (6880ha).
In autumn, US-based MERS Global Investments LLC listed its Merrowie and Sunland Aggregation, spanning 34,523ha across two contiguous aggregations and a grain handling facility near Hillston NSW.
Underpinned by 35,938ML of groundwater and the Lachlan River (both high security and general security) water entitlements, the Merrowie and Sunland Aggregation comprises properties Merrowie (32,778ha), Sunland (1738ha) and the Merrowie Grain Facility (7ha). Offers worth $200m were tipped for the aggregation.
Elders Real Estate Riverina agent Matt Horne said the run of first-class Riverina assets on the market comes as their owners look to capitalise on their current market value following several years of booming land values.
“A combination of strong commodity prices, robust land value appreciation, and favourable seasonal conditions has created an ideal window for vendors to capitalise on accumulated capital growth,” he said.
“In many cases, institutional owners and family enterprises are taking the opportunity to rebalance portfolios, release equity, or consolidate operations.”
Near Tocumwal, other significant listings have included more than 12,700ha of neighbouring farmland with Kilter Rural looking to sell the 7210ha Oomabah Aggregation and the Bozzo family, via its farming company Lotus Oaks, selling the renowned 5548ha Tuppal Station.
Corporate cropping giant, Lawson Grains, backed by Sydney-based global forestry investment manager New Agriculture and huge Canadian pension fund, the Alberta Investment Management Corporation (AIMCo), are also selling the 4628ha Buckingbong Aggregation following about a decade of ownership, priced at about $40m.
Mr Horne said buyer urgency for Riverina holdings had softened due to interest rate pressures and input costs, but confidence remained high, especially for A-grade assets.
“The interest is primarily coming from institutional investors and super funds, plus agribusiness REITs (real estate investment trusts) seeking scale and security,” he said.
“Interest is also there from established family farming enterprises looking to expand operations, high net worth individuals diversifying into real assets with tangible yield and long-term growth, and increasingly, offshore investors, particularly from Canada, North America, and Europe.”
Other major listings include the Ontario Teachers’ Pension Plan Board and its Australian agriculture subsidiary AustOn Corporation, selling the 3646ha Mitolo Hillston portfolio, owned as part of the Mitolo Family Farms enterprise.
Expected to be worth $45m-plus as a whole, inclusive of the water portfolio, Mitolo’s Hillston farms comprises four non-contiguous holdings, known as Moora (532ha), Shilo (673ha), Glenavon (2435ha) and the Lachlan River Packing Shed (6ha), within a 14km operating radius of one another, 25km north of the Hillston township.
In the horticultural sector, receivers have ordered the sale of Boston-based investor Folium Capital’s Keyes Ag aggregation which includes 733ha Cavour, planted to 497ha of almonds near Narrandera and 314ha Wallaroo, planted to 236ha of almonds in Darlington Point.
TOP NSW RIVERINA FARMS FOR SALE THIS YEAR
PARAWAY PASTORAL COMPANY
Cooinbil Station at Coleambally (89,040ha)
Mungadal Station at Hay (116,994ha)
Pooginook Station at Jerilderie (19,656ha)
Steam Plains Station at Conargo (46,395ha) and
The Bulls Run Station near Wagga Wagga (6880ha)
MERROWIE AND SUNLAND AGGREGATION, HILLSTON, NSW
Vendor: MERS Global Investments LLC
Size: 34,523ha
Price: $200M
NOONGABURRA, HAY, NSW
Vendor: Private Dutch high-net worth investor
Size: 5814ha
Price: $65M
TUPPAL STATION, TOCUMWAL, NSW
Size: 5548ha
Vendor: Lotus Oaks (Bozzo family)
Price: $65M
OOMABAH AGGREGATION, TOCUMWAL, NSW
Size: 7210ha
Vendor: Kilter Rural
Price: $60M
MITOLO HILLSTON AGGREGATION, HILLSTON, NSW
Size: 3646ha
Vendor: Mitolo Family Farms (AustOn Corporation, Ontario Teachers’ Pension Plan Board, (Canada))
Price: $45M-plus
BUCKINGBONG AGGREGATION, URANA, NSW
Size: 4245ha
Vendor: Lawson Grains (New Agriculture and Alberta Investment Management Corporation (AIMCo) (Canada))
Price: $40M
ROSEMONT & TALINGA PARK, HILLSTON, NSW
Size: 1683ha
Vendor: Super Seasons Pty Ltd (Super Citrus Portfolio)
CAVOUR & WALLAROO, EUROLEY, NSW
Size: 1047ha
Vendor: Folium Capital (USA) (in receivership)
WALTEELA, WAGGA WAGGA, NSW
Size: 765.6ha
Vendor: Rob Topfer and wife Becky Sparks
Price: $23.1m
WONGA STATION, COLEAMBALLY, NSW
Size: 4499ha
Vendor: Star Bros. Pty Ltd (Star family)
Price: $14M-plus
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