IT’S a case of ‘one man’s loss is another man’s gain’ with the listing of what could be Australia’s largest hydroponic glasshouse operation.
A 16.4 hectare site of partially constructed glasshouse at Williamstown near Newcastle is up for grabs following the failure of a $65 million project backed by former US vice president Al Gore’s own investment company.
Maria’s Farm Veggies was to produce nearly 14,000 tonnes of capsicums and tomatoes a year for the Sydney market but went broke after it sustained $12m worth of flood damage in 2016.
Veteran Dutch horticulture businessman Cor Disselkoen handed over the project to receivers KordaMentha in June. They have now taken the property to market to repay out-of-pocket investors.
Having injected nearly $27m, the project’s largest backer was Luxembourg-based GIM Credit which was co-founded in 2004 by Al Gore to drive sustainability research and long-term projects. Horticulture Energy and Investment Company had sunk $25m into the project while Macquarie Bank had provided $11.5m. Dalsem, a dutch company which builds high-tech greenhouses around the world, is out of pocket by $15m.
Colliers International agents Richard Royle and Jesse Manuel have been appointed by KordaMentha to market the property.
Mr Manuel said the sale presents an ideal platform for potential buyers to establish themselves as a major player in high-tech, hydroponic vegetable production.
“Upon completion the glasshouse will be the closest to the Sydney market, located on an established transport corridor and less than five kilometres to Newcastle Airport.”
While 16.4ha is planned to be under glass an additional 2ha is available to carry out packing, cooling and technical services.
FREE RANGE EGG OPPORTUNITY
Meanwhile, another significant opportunity has arisen out of business failure - this time near Kootingal via Tamworth.
Receivers are selling “Ruby Hill” – the 15ha free range egg farm formerly belonging to DCL Developments.
With seven sheds the farm can accommodate 118,000 laying birds.
Headed up by Stuart Howe, the DCL was forced into receivership last November after the Supreme Court of NSW failed to uphold its claim Rabobank acted unconscionably in its attempts to assist the company to trade its way out of debt.
DCL had initially engaged Rabobank to pay out a $2.4m debt with NAB plus borrow $300,00 to purchase a flock of chickens. But DCL did not use that money to buy chickens which eventually led it to having no chickens and no income.
The property will be auctioned on May 2 by agents Cushman and Wakefield. It’s expected to sell in excess $2.5 million.
Selling agent Anthony Bray said the farm represented a good size and price point for new entrants to the egg farming or pullet-raising industries.
The irrigated property features free-range and barn-laying infrastructure across two paddocks plus a machinery shed, packing shed, back up generator as well as staff quarters. The four-bedroom homestead is of brick construction.