Wondaree Farms: Part of Darlington Point property sold to local farming syndicate

A local farming syndicate has acquired a piece of valuable NSW Riverina irrigated cropping land via a multimillion dollar deal.

The future of a large-scale irrigated farm at the heart of the lower Murrumbidgee cropping district has been settled after two local farming operations reached a multimillion dollar agreement.

In September last year the 2022ha Wondaree Farms, at Darlington Point was listed for sale by a longstanding local operator with offers for the total land and water entitlements expected to be about $30 million.

Earlier this month, a local farming syndicate purchased the Boondilla (656ha) block of Wondaree Farms and a portion of the 2681-megalitre zone two water entitlements which were offered to the market.

The local syndicate completed the deal for an undisclosed price, but it is understood the price paid for the land was in line with recent sales of irrigated cropping country in the Darlington Point area.

Comparable sales in the region have seen irrigated cropping land sold for about $6000-$6500 a hectare with the best flood irrigation land fetching in the order of $7500 a hectare, thanks to its access to ground and surface water.

The undisclosed local syndicate has also entered into a lease agreement with the Wondaree Farms’ longstanding local operator to farm the Wondaree (745ha) and Old Ringwood (621ha) blocks.

A local farming syndicate has purchased the Boondilla (656ha) block and will lease the Wondaree (745ha) and Old Ringwood (621ha) portion.

When Wondaree Farms was listed for sale, the offering included Lower Murrumbidgee groundwater (1667ML of zone 1 and 2681ML of zone 2 entitlement) and Murrumbidgee surface water systems via 75ML of entitlement via the Kerarbury channel.

The lease agreement also includes the balance of the water entitlements not purchased outright by the local syndicate.

QPL Rural Temora selling agent Jason Haines managed the transaction and said the Wondaree Farms portfolio attracted interest from buyers looking for land to produce cotton and from corporate buyers looking for land suitable for permanent plantings.

Last year the portfolio was marketed as one of the last opportunities to buy a substantial holding in the area after many other properties have been corporatised.

For example, in July last year, Canada’s PSP Investments purchased the historic 14,876ha pastoral farm, Tubbo Station near Darlington Point, from the family of late billionaire Giles W Pritchard-Gordon for about $40 million.

However, in the tightly-held Darlington Point district farms are commonly a mix of summer and winter crops and permanent plantings.

Wondaree Farms consists of various soil types, from self-mulching grey clays to red loams and areas of lighter sandy loam.

There was about 1100ha of row cropping suitable for cotton and maize production.

About 100ha are planted to a mix of grape varieties including shiraz, semillon, merlot, chardonnay and cabernet sauvignon, with plantings established in 1999 and 2006.

They are watered with drip irrigation and there is potential to expand permanent plantings on suitable country, which could go to more grapes or citrus, almonds or walnuts.

During the vendors’ tenure livestock had also been run on the farm.

Just 14km away and two years after it was first placed on the market, the Stott family’s Point Farms aggregation in the tightly-held Lower Murrumbidgee region has been listed for sale again.

In October 2020, the Stott family via Agrinova Pty Ltd offered the irrigated cropping and almond aggregation with price expectations of $50-$60 million.