WITH price expectations of around $120 million, large scale poultry pioneer, David Bartter, is offering the opportunity to acquire a foothold in the Riverina region with the sale of his 26,839-hectare aggregation.
Ballandry Station is one of the largest aggregations in the northern Riverina region in New South Wales, around 37km north and northwest of Griffith, and comprises 20,000 tonnes of grain and fertiliser storage, machinery sheds, workshops, plant and equipment.
This in addition to the 45,457 irrigation delivery entitlements.
Boo Harvey and Matt Childs from CBRE Agribusiness are managing the immediate sale of the aggregation on an ‘As-is-where-is’ basis.
Bartter previously offered the asset for sale five years back and is now committed to selling and achieving new stewardship by mid-year.
“We have recently been approached with very good offers and see this new sale campaign as the last offer of my lifetime of work of building the Ballandry Station aggregation of Farms. It is time for new stewardship,” said Bartter.
“A final sale decision will be made without delay so interested parties are encouraged to move quickly.”
With an annual cropping program of 21,833-hectates across the three sites, the aggregation allows for farming efficiency and diversity, predominantly of wheat, canola, barley, lupins, field peas and vetch.
The red loam and red sandy loam soils have been enhanced by bespoke management practices, such as the application of chicken manure to improve soil quality.
The new owner will the benefit from the 2023 crop, which will likely make back a significant portion of the purchase price within six months.
“The region typically achieves average yields of 2.4 to 2.6 tonnes per hectare, however, we’ve seen these yields being well exceeded in recent years,” said Harvey.
The region has an average annual rainfall of 424mm, with a winter-dominant weather pattern.
Recent activity in the area includes the sale of a blue-ribbon farming aggregation, Aratula, which was put to the market with expectations of $40 million and the listing of a mixed farming enterprise, Gundagarra, with expectations of $30 million.
One of the aggregations also offers direct access to the Murrumbidgee Irrigation Northern Branch Canal, with around 3,000-hectares suitable for almond production.
“There are many opportunities for diversity and strategic farm management with Ballandry Aggregation,” said Harvey.
The Ballandry Portfolio is being offered for immediate sale on ‘As-is-where-is’ basis, with the campaign closing 4 July, 2023.
Australian farmland values maintained their rapid growth trajectory, lifting by 20% for a second consecutive year in 2022 on the back of high commodity prices, high rainfall and a sharp decline in transaction volumes, with more growth expected in 2023.
The Ballandry aggregation marks another bumper offering to the rural and agribusiness market in recent weeks. Macquarie Agriculture-backed Paraway Pastoral Company is offloading three NSW farms spanning more than 40,000 hectares, which could sell for a combined $180 million, also making the move to divest after being approached with offers to purchase.
The Weekly Times is reporting that a near-43,000 hectare mixed-farming portfolio across Victoria’s Mallee region and southern Western Australia, named Project Jaal, has been lobbed to the market with expectations of circa $400 million. It has been listed as a sale and leaseback opportunity by its high-net-worth Australian expat vendor who has returned to the country.
The leaseback is worth $16 million annually in rent per year on triple-net terms, with an initial 20-year term and two 10-year options.
Among recent deals, Australia’s richest person, Gina Rinehart, picked up two wagyu cattle breeding properties from Canberran billionaire Terry Snow for $80 million.
