Farm Sale

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During the course of discussions with some corporate purchasing parties, valuation firm Herron Todd White are starting to see a change in the way the market is perceiving what can be achieved in terms of yield.
According to the latest rural report from Herron Todd White, yields are often at five per cent with some even getting to six per cent.
"With the strong increase in underlying land value seen over the past twelve months in particular, there is strong resistance from lessees to adjusting rates to reflect the original yield achieved when the lease was created," the report noted.
"This resistance is coming from the fact that general income from rural commodities, whilst still good, has not improved in line with the underlying land value."
Scott Fuller, a valuer at HTW, suggested the situation is a repeat of the 2006 to 2008 period where we also saw strong growth in underlying value.
"At this time many leases were in the 3.5 per cent to 4.5 per cent range and we would expect that general leasing rates will soften to four per cent to 4.5 per cent."
"The volume of capital looking to deploy in agriculture in Australia continues to be a surprise and this deployment is seeing unsolicited offers for large scale rural properties made on a regular basis. Whilst previously we have indicated that we felt that the market was at or near its current peak for this cycle, I am beginning to wonder whether this cycle may have some further development to go."
"Whilst there are some short term negative seasonal conditions, our experience is that the underlying market sentiment is still very positive and this coupled with record low interest rates and generally positive returns for livestock may just see some continued upward pressure on the market, particularly if we see any sort of rain event in the next month or so," he concluded.
In the Riverina area there was a big sale in the form of Delta which is 55 kilometres north-west of Jerilderie and 50 kilometres north-east of Conargo.
It was a 8,381 hectare mixed irrigated and grazing property. The sale included approximately 550 hectares of laser levelled flood irrigation with a balance consisting of mostly open to lightly timbered good grazing country. The property was well improved with homestead, manager’s residence, workers’ cottages, machinery sheds and wool shed.
The property sold for $10.025 million. It appears that the open-hay plains grazing country has sold for $975 per hectare ex buildings. This indicates $780 per DSE when viewing the grazing country in isolation.
"This is uncharted territory for the Riverina and indicative of the strength of the current market," HTW said.
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Southern NSW experiencing unusually high rural yields: HTW 

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A new four lot subdivision of the Shambara farm property, located midway between Benalla and Wangaratta, has come onto the market.
The four lots all with a frontage to the Old Greta Road are respectively – Lot 1 of 68.7 ha, or 170 acres, Lot 2 of 72.8 ha or 180 acres, Lot 3 of 44.5 ha or 110 acres and Lot 4 of 58.6 ha or 145 acres.
The four lots are for private sale through Elders Real Estate’s north east district agent Michael Everard.
The property on the old Greta Road at Lurg is part of the larger Shambara farm property and has been held by the vendor family for over twenty-five years.
Each of the four blocks has some internal division of post and wire fencing.
Most of the lots include paddock or catchment dams, most having been recently cleaned out, while the local average annual rainfall is 700mm with access likely to be available to substantial as yet untested groundwater potential.
Each lot holds a long single frontage to the old Greta Road with good access from the Hume Freeway at the Winton interchange with a bitumen road most of the way to these lots.
Selling agent Michael Everard says that the local district is a prominent rural living area with properties that adjoin these four lots being largely smaller acreage residential holdings with typical sizes of 40 hectares (or say 100 acres).
“There are multiple choices for an attractive home site on each landform with power available to within about 200 metres of the existing road boundary.
“This subdivision which has been created from a long held family farm presents an exceptional opportunity to secure attractive and productive land that is ideally suited to create a preferred rural living retreat,” Mr Everard says.
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Shambara farm subdivided plots come onto market

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Summer Hill, a 3,237 hectare country property in the Upper Hunter Valley shire has hit the market with $12 million hopes. 
The Summer Hill Road property in Cassilis include balanced basalt farming and grazing country for beef cattle, sheep or cropping.
The weatherboard homestead comes with eight bedrooms, bathroom, fireplace and established gardens. 
<img src="https://www.urban.com.au/images/Screen%20Shot%202020-08-28%20at%2012.35.57%20pm.png" alt="">
There is another cottage on the property comprising 3 bedrooms, bathroom and air conditioning.
It also features long frontage to the Munmurra River, stand woolshed, hay shed and cattle yards. 
<img src="https://www.urban.com.au/images/Screen%20Shot%202020-08-28%20at%2012.35.04%20pm.png" alt="">
The owner will look subdivide the property into 5,500 acre Summer Hill and 2,500 acre Rosedale.
The property is situated about 70km from Merriwa and Mudgee. 
Bowyer &amp; Livermore's Greg Ryan and James Walton hold the listing.
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Cassilis' Summer Hill property remains on the market with $12 million hopes

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The Credit Suisse head of private banking Edward Jewell-Tait and his wife, Jo have bought in Rose Bay, having secured the surprise off-market sale of their intended tree change Robertson farm.
Their $6.85 million Rose Bay acquisition was from David Baldwin, the chief executive of Integrated Gas at Origin Energy, and his wife, Johanna.
With its leafy panorama over Sydney Harbour, the Baldwins had renovated the two level residence designed by 1960s architect Henry Pollack after they paid $4.1 million in 2013. 
The Jewell-Tait's were in the spotlight last month after selling Two Gates Farm to businessman Nick Politis. The 40-hectare property sold for $4.7 million having been bought for $4.55 million eight months earlier <a href="/expert-insights/investing/24785-bob-dwyer" target="_blank">in 2014 from the former World Cup winning Wallabies coach Bob Dwyer and his wife, Ruth</a>.  
This article first appeared in the Saturday Daily Telegraph.
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Edward Jewell Tait buys in Rose Bay after Robertson sale

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A pistachio farm in the Wimmera region, The Pistachio Farm has been listed for sale.
The pistachio orchards spread across 103 hectares of land over the 312 hectare property.
There are less than 50 pistachio growers across Australia.
<a href="https://rea.colliers.com.au/property-horticulture-vic-telopea+downs-7802814" target="_blank">The Pistachio Farm</a> accounts for more than 10 percent of total plantings, the fourth largest operation in the country.
The farm gate value of Australian pistachios is currently $9 million and is expected to rise to $30 million by 2025.
Receivers Matthew Caddy and Keith Crawford of McGrathNicol have appointed Colliers International’s Jesse Manuel and Tim Altschwager to sell the property.
The current vendors bought the farm in 2008.
Manuel told The Australian Financial Review that price levels hovered around $5 to $6 per kilogram for many years up to 2011 before there was a consistent rise every year up until 2015 when the price reached $13 per kilogram.
There are currently less than 50 pistachio growers across Australia, with a total of around 950ha of trees planted.
The property is located in Telopea Downs, about 350 kilometres south-east of Adelaide and 440 kilometres north-west of Melbourne.
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Wimmera Pistachio farm listed

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Macquarie Group's Paraway Pastoral has purchased its first farm in Victoria.
Beckworth Court, 2500 hectares at Clunes set outside outside Ballarat, was bought for $15 million through Inglis Rural Property agents Jamie Inglis and Sam Triggs. 
Beckworth Court is highly productive and suitable for both sheep and cattle with approximately 30,000 dse livestock capacity or 1,200 breeding cows and progeny.
<a href="https://www.realestate.com.au/property-other-vic-ballarat-7687107" target="_blank">Beckworth Court</a> has two 1850s homesteads.
Macquarie which is in the top five largest landholders in Australia running more than 3.6 million hectares of land from the Northern Territory to NSW's Riverina purchased the property on a walk in walk out basis.
Inglis Rural Property's Jamie Inglis and Sam Triggs negotiated the sale of the 2429 hectares.
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Macquarie's Paraway buys Ballarat farm

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A Chinese government-backed investment group has bought a 289 ha aquaculture and tourism property on Kangaroo Island off South Australia.
Andermel, home to Andermel Marron Farm, The Marron Café and Two Wheeler Creek Wines, was sold to Shandong Geo-mineral International Investment Co Ltd for more than $1.6 million through Colliers International's Jesse Manuel and Tim Altschwager. 
Manuel said the Heads of Agreement for the sale was signed during the South Australian Premier’s visit to China in May 2015 and has now settled after an extensive due diligence period.
“This property represented a unique business and lifestyle opportunity in one of South Australia’s most picturesque and popular tourist destinations, Kangaroo Island,” Manuel said. 
Kangaroo Island is Australia’s third largest island and one of South Australia’s most popular tourist destinations, located 112 km south-west of Adelaide and around 15 km off the mainland.
Projects worth $171 million are planned or approved for Kangaroo Island over the next few years, including an $18 million joint investment by the state and federal governments to extend the island’s airport runway and allow direct flights from Sydney and Melbourne.
Established in 1997, Andermel Marron Farm is a marron production business which consists of six breeding ponds, nine nursery ponds and 52 grow ponds. The farm breeds and grows marron – native Australian freshwater crayfish – for domestic markets as well as through the onsite ‘Marron Café’ restaurant and farm gate sales.
Australian marron is native to the south west of Western Australia and is the largest commercially grown fresh water crayfish.
The property also includes an 8 ha vineyard planted to Shiraz, Cabernet Sauvignon, Sauvignon Blanc and Chardonnay, producing fruit for Andermel’s own ‘Two Wheeler Creek’ label and a licenced cellar door.
Altschwager said Kangaroo Island was renowned for its pristine beaches, native wildlife, tourist attractions and fresh local produce.
 
 
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Kangaroo Island marron farm attracts Chinese investment

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Farmer Alastair Wills has purchased historic Naringal Station in Victoria's Western Districts for $17 million.
Naringal Homestead, a seven bedroom, eight bathroom fully-renovated double brick residence, sits in gardens designed by Edna Walling.
It replaced the original 1904-built homestead, which burned down in a bushfire in 1944.
The 2200-hectare farm at Wallinduc, one of the earliest pastoral holdings in the area, had been owned by the Rowe family for more than 170 years until it was sold to businessman Graeme Croft in November 2011.
Graeme Croft, who founded family-run aged care developer and operator Innovative Care, has extensively developed and extended the property.
The mixed-use farm comprised 12,000 breeding ewes for prime lamb production, an intensive cattle fattening system turning over 5,000 head per annum, a 350 sow piggery and 750 hectares of crops.
It is located 45 kilometres from Ballarat – Victoria’s largest sheep saleyards – and 160 kilometres from Melbourne.
But the Australian Financial Review says the farm will revert to pure cropping use, growing wheat, granola, oats and barley.
He was reportedly one of the underbidders on another Western Districts' property, the 5200-hectare cropping and grazing Demeter Farming portfolio, which was acquired by a syndicate of Victorian farmers in February for around $30 million.
The Rowe family arrived in Australia in 1841 and took up the rural holding later that year. The farm had an asking price of $7.5 million when it was <a href="/news/14307-historic-naringal-station-sold-after-170-years-of-family-ownership" target="_blank">purchased by the Crofts in 2011 for around $7 million</a>.
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Naringal Station sold by Graeme Croft

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Australian wine-maker Brian Croser, founder of Petaluma wines, has sold Maylands Farm on South Australia's Fleurieu Peninsula.
The $6.9 million sale was a strong result for the 735 hectare highlands property near Parawa, according to the Australian Financial Review.
Set about an hour from Adelaide, the buyer is an Australian expat who comes from Adelaide who bought it on a walk-in, walk-out basis.
Selling agent Paul Clifford from Elders Real Estate had the offering with Bernard Booth Real Estate as co-agent. 
Maylands was bought in 2003 by the Croser family who bred lambs from a composite sheep known as TEFRom, which the Crosers introduced to Australia from New Zealand.
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Brian Croser sells Fleurieu Peninsula farm

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MH Premium Farms (MHPF), the Australian agricultural investment group of UK-based hedge fund founder, Sir Michael Hintze, has bought Deltroit, the Gundagai district farm with settlement paperwork revealing a $16.3 million price.
The 2573 hectare Mundarlo property was offered for sale to wind up the agricultural portfolio of the Brisbane-based Australian Pastoral Group who had bought Deltroit in 2012 from Anthony Crichton-Brown.
Inglis Rural were expecting $18 million to $20 million. It had previously traded at $15.5 million in 2012.
MHPF’s properties now cover more than 50,000ha, mostly NSW, but also North Queensland, where MHPF spent $9 million recently on expanding its irrigated sugar farming operations at Ayr.
Deltroit will be used by MHPF to grow prime lambs, cattle and crops.
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