A mixed dryland and irrigated cropping aggregation in the Loddon Valley of Victoria, owned by Australian Fresh Milk Holdings, is back on the market with new price guide after failing to sell for an anticipated $60 million-plus last year.
The 4,031 hectare Torrumbarry, 16km from Echuca, was originally offered for expressions of interest in July last year but after failing to sell is being relisted for “north of $50 million”.
The property, which was bought by Australian Fresh Milk Holdings (AFMH) in 2019 for circa $20 million as a dairy rearing property, has undergone an extensive conversion for cropping. 1,820ha has been developed for irrigation, including pivot/lateral move and laser levelled flood irrigation, resulting in “outstanding yields” for wheat, barley and canola. 40% of the property is set for dryland irrigation and the remaining 14%, or 570ha, is allocated to grazing, remnant vegetation and infrastructure.
AFMH is majority owned by the billionaire Perich family via their Leppington Pastoral Company.
Torrumbarry has 1,939 megalitres of secure water from the Murray, Richardson’s Lagoon and Gunbower Creek, 1,350ML of on-farm storage and receives 427 millimetres of average yearly rainfall.
Analysts last year were expecting to see reduced interest for grazing properties that lacked secure water but were more bullish on irrigated and cropping land so how Torrumbarry is received at this new price will be watched closely.
The property has extensive infrastructure including 780 tonnes of grain storage, seven sheds, cattle yards and nine houses.
For sale via LAWD, with EOI closing 29 February, 2024.
There has been plenty of movement in dairy properties in recent weeks.
The Chittick family has acquired the home of the Thompson family’s renowned 350ha Silvermere Holsteins enterprise in a walk-in walk-out deal, according to The Weekly Times reports [paywall].
It also reported that a deal has been struck for the Holt family from Sale, Victoria, to sell their 156ha property for in excess of $32,000/ha, or more than $5million.
Boshier Holdings, from South West Victoria, has purchased the 270ha Brucknell Farm, near Warrnambool, from Australian Dairy Nutritionals Limited for $7.125 million. The sale is expected to complete in March.
Meanwhile a dairy farm near Wonthaggi in south-west Gippsland has been listed for $8.8m according to Farmonline [paywall]. The 235-hectare property currently milks about 450 cows and has a 50-stand rotary dairy.
LAWD is bringing to market a 2,460ha dryland cropping operation, 80km north of Geraldton, WA. Price is guided at $5-6m.
The property features 2,312 ha of arable country suitable for wheat, barley, canola and lupins, with complementary sheep grazing. Annual rainfall is 340mm.
Sitting on undulating red sandy loam and deep yellow sands, it is supplied with five bores, a shearing shed, grain silos and a homestead.
The property is predominantly equipped with stock-proof fencing.
For sale via offers to purchase.
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