In one of the landmark sales for the season, Inglis Rural Property has announced the exchange of contracts for the seven farms making up the sales package marketed as Southern Riverina Aggregation.
Previewed in The Land on September 3 (and online September 5: "Buy a parcel or the whole package"), the non-contiguous aggregation of 4174 hectares was marketed on behalf of the US-based Westchester Group, which has held the seven properties for between 10 and 12 years.
The properties range in size from the 2160ha Bulgandra down to the 122ha Rosebank and are situated within a 45 kilometre band from Henty and Culcairn west to Walbundrie.
All seven properties had been leased since purchase to four local farming families, and all were snapped up by locals (including some of the lessees) who seized the opportunity to expand their operations.
No prices were disclosed, but recent sales in the area suggest a likely overall price in the $40-$50 million range, returning Westchester a handy capital gain on its investment.
Inglis Rural Property sales manager Sam Triggs said the sales campaign had yielded more than 170 inquiries and some 35 inspections, testifying to the quality of the offering.
More than 90 per cent of the aggregation is regarded as arable, and ideally suited to winter cropping of grains, oilseeds and pulses.
Mr Triggs said while the scale and productivity of the aggregation had attracted interest from corporate investors, they proved no match for land-hungry local farming families.
Westchester Australia chief executive Matt Bull said while it was sad to be exiting the Southern Riverina region after 12 years, the company felt 'the time was right to offer these properties back to the market'.
He said these seven Westchester-managed farmland investments had provided local farmers with the opportunity to scale up their operations, in an arrangement beneficial to both lessee and lessor.