Yarrabee Park: One of the largest cropping farms on the east coast is up for sale
One of the biggest cropping farms on the east coast has hit the market, with an impressive $60 million price tag.
Australia’s spring rural property market has stepped up another notch with one of the biggest cropping farms in the NSW Riverina hitting the market for about $60 million.
Investment management company goFARM has listed its 11,260ha Yarrabee Park property near Wagga Wagga.
Features of the property include 740ha developed for lateral irrigation, with opportunity for further development, average rainfall of 433mm, 2600ha solar farm project proposal with the potential for diversified income, 13 management zones based on soil types and topography, three water sources including Coleambally irrigation cooportative scheme access, and 1750 tonne of on-farm seed and fertiliser storage.
Yarrabee Park last season produced about 37,500 tonnes of grain and fodder, with recent seasonal forecasts and crop assessments foreshadowing another bumper crop in 2021.
goFARM co-founder Liam Lenaghan said he first recognised the potential of Yarrabee Park when inspected in 2014.
“We invested heavily in improving the soils, reconfigured the layout and built new infrastructure to support a high performing farming enterprise,” Mr Lenaghan said.
Elders Victorian and Riverina rural real estate manager Nick Myer said Yarrabee Park has “considerable further irrigation and horticulture development potential” this season.
“The combination of climate, soil fertility and irrigation water access, coupled with the exciting potential of a diversified income stream through the proposed solar project development makes Yarrabee Park a highly unique assess,” Mr Myer said.
Yarrabee Park will be marketed in a two state expression of interest process, with non-binding offers to be submitted by November 10.
Other major properties on the market this spring include US private equity firm Proterra Investment Partners’ 22,500ha Corinella Group of almost 50 properties in Victoria and South Australia, which is on the market for $350 million and European-backed THF Finance’s portfolio of five properties covering 21,900 hectares, west of Rockhampton in Queensland.
There’s also the 1.3 million-hectare Walhallow and Amungee Mungee stations in the Northern Territory, listed by billionaire retail king Brett Blundy for $230 million, the 15,000-hectare Shenhua aggregation on the NSW Liverpool Plains, which is expected to fetch more than $122 million, and the Bartter family’s 26,945-hectare Ballandry Station near Griffith, with a price tag of about $80 million.
Mixed farming properties, Bowness and Willowmere, in the tightly held Murringo district northeast of Young, will also be auctioned online next month.