Big deals, long histories and unique investment opportunities characterise some of the property news this week. Read on to find out our top picks.
Offers exceeding $40 million expected for Cherry Creek Estate Orchards
Strong corporate and institutional investor interest is anticipated in the upcoming sale and leaseback of Cherry Creek Estate Orchards, a major avocado aggregation in Queensland’s South Burnett region.
Listed with CBRE, the circa 673.59-hectare aggregation predominantly comprises a large-scale mature and juvenile avocado orchard, with additional plantable areas earmarked for expansion in the short to medium term.
Expected to attract offers in excess of $40 million, the aggregation will be offered with an initial 10-year lease, with two 10-year options.
It contains approximately 246ha of mature (4+ year) avocado plantings and almost 20ha of juvenile (<4 year) avocado plantings, with farm production forecast to increase to 2390 tonnes by 2028.
The aggregation also comprises approximately 13ha of macadamia plantings, 2ha dedicated to protected ginger production and 94ha suitable for further plantings, with the remaining land currently utilised for cattle grazing.
Located in a high rainfall region, with approximately 825mm per annum average, the aggregation is further supported by schemed water entitlements, large on-farm dams and groundwater bores.
CBRE’s Pacific Head of Agribusiness, John Harrison, said Cherry Creek Estate Orchards presented a sale and leaseback opportunity of a scale and diversity rarely available on the open market, with the avocado plantings offering a mixed age profile with significant development and expansion upside.
“This sale and leaseback offering presents a unique and advantageous opportunity for investors,” Mr Harrison said.
"The asset offers a stable income stream, diversification, environmental benefits, and access to a healthy commodity.
"As the demand for avocados and avocado oil continues to rise, the long-term growth potential for Cherry Creek Estate Orchards is promising."
Cherry Creek Estate Orchards was founded by two brothers and a group of friends who served together in the Australian Defence Force stationed in Iraq, East Timor and Afghanistan.
More recently, the group has developed Australia’s only commercial avocado oil processing plant, becoming a major Australian avocado oil processor.
“For those seeking to combine an agricultural real estate investment, with a long-term strategic partner dedicated to health and sustainability, Cherry Creek Estate Orchards should be strongly considered,” Mr Harrison said.
Cherry Creek Estate Orchards is for sale via a single-stage expression of interest, closing on December 14 at 4pm (AEST).
Clarevaulx Station offered for the first time in 123 years
Buyers have the opportunity to snap up a premium cropping and grazing property in the New England region of northern New South Wales, with the listing of Clarevaulx Station.
Offered for the first time in 123 years, the 3548ha property is strategically located, with numerous major feedlots, processors and saleyards within 250km.
An established, easy-to-manage property with low labour input required, Clarevaulx Station is made up of 1000ha of premium deep basalt and alluvial cultivation which grows high-yielding crops of corn, soybean and cereal crops.
A further 1000ha of gently undulating cultivation is well suited to fodder cropping and further development, with 1550ha of open grazing through to areas of shade and shelter.
The station is well watered by the Reddestone, Reedy and Five Mile Creeks, dams and reticulation, backed by an average annual rainfall of 901.5mm.
Situated 10km north of Glen Innes with bitumen road frontage, the property features a circa 1860 homestead consisting of four bedrooms and two bathrooms with period features throughout.
Listed with Ray White Rural, agents say rarely does a property of this quality and scale become available in this favoured region.
Clarevaulx Station will be auctioned at 11am on December 15 in Glen Innes.
Pastoral Partners Australia pays $32 million for western Queensland grazing country
Pastoral Partners Australia has paid about $32 million for Vaughn Houlahan’s Honeymah and Wongalee aggregation in western Queensland, in what is its biggest deal since launching last year.
The Australian Financial Review reports [Paywall] the acquisition of the 32,000ha offering situated between Bollon and the agricultural hub of St George takes the value of the carbon farming platform's portfolio to about $140 million and its size to about 150,000ha.
Pastoral Partners is owned by New Zealand infrastructure investor Morrison & Co, which has about $27 billion of assets under management including investments in airports and renewable energy.
In September, the fund paid $17.1 million for a 14,000ha property at Bollon and in October, it acquired the 25,650ha Weonia and Sunset Valley aggregation, 20 kilometres west of Bollon, paying about $30 million.
Honeymah and Wongalee, which can carry about 5500 cattle, will settle before the end of the year. Pastoral Partners chief executive Deion Campbell said it would have a carbon project registered on it before the end of the year.
