The Box

Paraway Pastoral lists three key NSW properties worth over $180m

Written by Hayley Kennedy | May 16, 2023 11:47:37 PM

Paraway Pastoral Company has put three blue ribbon New South Wales properties on the market, with the ‘marquee listing’ being valued at over $180 million.

A rare opportunity to acquire assets from one of Australia’s largest pastoral landowners and operators, the outstanding mixed farming operations span a total land area of 40,942 hectares.

Marketed by LAWD via an expression of interest process, the assets on offer include Borambil Station at Condobolin, Pier Pier Station at Coonamble, and Burmah near Graman.

LAWD director Danny Thomas said the high-quality assets have been listed concurrently and are suited for acquisition as either individual holdings or a climatically-diverse portfolio of properties.

“Each of them in their region would be highly regarded, so we’re expecting a significant amount of business from well-established local groups that would have the wherewithal to be able to pull those on and make a significant expansion to their existing local operations,” Mr Thomas said.

“We’re also expecting some institutional and large corporate family interests as well, and so there will be some groups who aren’t necessarily in those individual geographies who are looking for some geographical inference to get to other regions.”

Mr Thomas said the assets have been operationally optimised through advanced development programs during Paraway’s ownership.

“The good thing about each of these properties is they’re a management unit in their own right, so they can support a fairly senior aggregation manager and a number of permanent full-time staff,” he said.

“Often when people are trying to achieve that outcome, they’ve got to go and buy a number of properties, and they don’t always have the deal efficiency that this represents.”

The decision to divest the properties follows a number of unsolicited offers to purchase in the past 12 months, on the back of what Mr Thomas says is ‘an incredibly strong market’ where people are ‘desperate to get set’.

“Everybody knows that a group like Paraway, and a number of their peers, have high quality properties, and they’re rarely, if ever, for sale,” Mr Thomas said.

“They’re only for sale when a company reacts like Paraway has to those offers, and sees that there’s an opportunity there to optimise their portfolio.

“That’s really the catalyst - there’s just been enormous demand and a lack of supply for large-scale, high-quality properties.”

Borambil Station, Condobolin
Located in the well-regarded Central West region, 8km south-east of the Condobolin town centre, Borambil Station spans 14,326ha in the Lachlan Valley, and offers both dryland and irrigated production systems.

Access to water is a defining feature of the property, with 789ha developed to flood irrigation, supported by extensive water entitlements totaling 8,659ML – made up of 3,550ML groundwater licences and 5,109ML river water licences. There is also a further 8,372ha of dryland cropping.

Borambil’s current grazing enterprise includes Merino sheep and prime lamb production, carrying a 13,000 Merino ewe flock, in addition to cattle agistment with a capacity of 40,000 Dry Sheep Equivalents (DSE).

Secure stock water is provided by two bores reticulated to a network of tanks and troughs throughout the property, combined with 16km frontage to the Lachlan River, as well as Wallamundry and Wallaroi Creeks.

Infrastructure includes a shearing shed and yards, outpost sheep yards, cattle yards, rural shedding, 1,720-tonne grain storage and accommodation.

Pier Pier Station, Coonamble
An extensively developed grazing asset in the Western Plains region, particularly suited to sheep production, Pier Pier Station is a large-scale opportunity comprising two non-contiguous properties referred to as Pier Pier (20,338ha) and Dynong (3,567ha), made up of predominantly self-mulching black soils and red loam.

There has been significant investment in the development of outstanding operational infrastructure across the property, including a near-new 10-stand shearing shed and associated yards, four outpost sheep yards, rural shedding, and 560-tonne grain storage.

Pier Pier Station delivers diversity of enterprise choice, with 5,100ha developed to dryland cropping for cereals, oilseeds, and annual fodder, with the balance of land area comprising productive native grass and trefoil pastures. An agreement with the Biodiversity Conservation Trust is in place over a portion of the property.

The current livestock enterprise includes a 10,000 Merino ewe flock, as well as 1,200 trade cattle, with capacity to carry 35,000 DSE.

Stock water is delivered to each paddock across the holding through a combination of tanks, troughs, and catchment dams, supported by a pressurised bore water system.

Accommodation includes a main dwelling, two cottages and a workers quarters.

Burmah Aggregation, Graman
Located in the sought-after North West Slopes, renowned for its consistency of production, the Burmah Aggregation offers a combined area of 5,456ha, ideally suited to cattle breeding and finishing in combination with crop and fodder production.

A large-scale production platform for the region, the aggregation is made up of four properties strategically acquired and developed as a single holding by Paraway over the past eight years.

Approximately 2,103ha is utilised for grazing, with 2,773ha developed for dryland cropping and the 580-hectare balance made up of timbered grazing and remnant timber. The aggregation is currently conservatively stocked, with capacity to run 40,000 DSE.

Stockproof fencing and a comprehensive internal laneway system provides access to the majority of the paddock network, with additional fit-for-purpose infrastructure including two sets of livestock yards, a shearing shed and multiple rural shedding facilities, as well 410 tonnes of grain storage.

A secure supply of stock water is delivered by seven bores equipped with electric, diesel and solar pumps, as well as catchment dams, with water pumped from 11 tanks to 30 reticulated concrete troughs throughout the property.

Burmah’s accommodation includes three dwellings, a worker’s cottage, and workers and shearers quarters, just 30km north-east of the Warialda town centre.

Borambil Station, Pier Pier Station, and the Burmah Aggregation will be sold via an expression of interest process, closing June 28 at 12pm (AEST).