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RURAL & AGRIBUSINESS

Moree dryland farm tipped to fetch $30m

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NEARLY $30 million is expected from the sale of a dryland cropping holding spanning almost 4,000 hectares near Moree in northern New South Wales.

CBRE’s Simon Cudmore and Col Medway are marketing the property for sale on behalf of owners Roger and Annette Turnbull, via private treaty for $7,413 per hectare, or $3,000 per acre.

Located around 30 kilometres north-east of Moree, the holding comprises two non-contiguous landholdings totalling 3,844 hectares, of which 94% is arable.

The adjoining properties are the 2,711-hectare Wallam, and Roydon, of 1,133 hectares.

Both are situated on the eastern side of the Newell Highway, in a region renowned for producing high yielding, dryland cotton, sorghum, chickpeas, wheat and barley.

Improvements include a four-bedroom homestead with a pool, grain storage of around 8,500 tonnes, workshop, machinery shed and cattle yards.

Cudmore said the property’s premium rural location would underpin buyer interest.

“This rural property is ideally situated on the eastern side of the Newell Highway – a superior dryland farming location that is widely recognised for its quality production and strong historical performance,” he said. “This location offers a significant premium in terms of value that we expect will ignite strong interest from both local land owners and corporate investment funds.”

The listing follows Macquarie-backed Viridis Ag recently taking the nearby 8,870-hectare Brudle Park aggregation for around $50 million from Ceres Agricultural Company.

It marked the first major slice of the Ceres Ag business purchased since the entire 26,000 hectares was first shopped around two years ago for around $200 million, before a public campaign was launched late last year.

Brudle Park comprises the Brudle Park, Oaklands, Braden and Yileena properties.

Ceres Ag collapsed in March with debts of around $175 million.

Australian Property Journal