AN UNUSUAL opportunity has presented itself for an investor to acquire a whole or partial interest in a major North West lakebed cropping enterprise in peak production.
On offer, through Kelly’s Property Sales of Walgett and Moree Real Estate, is the “Benelkay Aggregation”, a land package of about 9336 hectares (23,340ac) comprising three adjoining properties situated 78 kilometres north-west of Walgett.
The three properties, all currently held under Western Lands Lease, are “Benelkay” of 6300ha (15,750ac), “Gurley” of 1213ha (3032ac) and “Pandora” of 1823ha (4557ha).
“Benelkay” and “Gurley” are owned in partnership by Neil Warden and Sandy Stump, both of whom have other farming interests in the district, and “Pandora” by Mr Warden alone.
All three are managed as one by Mr Warden, who had previously sharefarmed the country before buying “Pandora” in 1988. “Gurley” and “Benelkay” were added in 2010.
The properties are all situated on the Morendah Floodplain and were once all part of Morendah Station, which in its early-1900s heyday sprawled over some 64,000 hectares, bordered on the north by Bangate Station, and on the south by “Boorooma”.
Offered for sale now to wind up the business partnership, the aggregation is for sale as a whole at $7.9 million, but buyers are also being given other options.
The owners would also entertain a purchase and leaseback arrangement, whereby Mr Warden would continue to farm the country as a tenant, or the sale of a 50 per cent interest.
Buyers also have the opportunity – if desired (and if they are quick) - to negotiate the purchase of an outstanding sorghum crop of 3545ha which is now ready for harvest.
Expected to yield between 3.5-4 tonnes/ha, the crop was planted in August after two falls of rain totalling 90mm in June and July had soaked the soil sufficiently to link up with subsoil moisture still in the ground from floods in 2011-12.
A total area of 5500ha is licensed and developed for cultivation, leaving about 3800ha for grazing by 100 to 150 breeding cows. The grazing country is a useful mix of heavy and lighter soils and includes a red ridge running along the edge of “Pandora”.
The cultivation country has been used in past years mainly for winter cereal production, and following floods in 2010 a massive wheat crop yielding 6.2t/ha was harvested, followed by another of 4.7t/ha in 2011.
Dryland cotton has also been grown successfully, along with chickpeas and fababeans, and opportunities often occur for double cropping.
Average rainfall is 450mm and a feature of the property is its capped and piped bore system which connects to 24 tanks and 26 troughs strategically located.
Structural improvements are chiefly oriented towards large-scale grain production and include four 960-tonne flat-bottom Twister silos on concrete bases with aerators, internal sweep augers and outloading augers, plus one 400t Cyclone flat-bottom silo.
Other working structures include a four-stand shearing shed with quarters and large sheepyards, timber cattle yards and a hayshed.
