THE CORINELLA Farms portfolio, stretching across western Victoria and south-eastern South Australia has sold for a monster $370 million including plant and equipment.
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Danny Thomas, senior director at LAWD, which sold the properties, said he was delighted with the results for the 22,386 hectares that were sold.
The results saw the 6959ha Donald parcel, spread over four main farms, sold for $75 million, or $10,777ha ($4310/acre), the Stawell / Green's Creek holding, 6778ha, made $90 million at $13,278/ha ($5311/acre), a series of five properties around Lake Bolac in the Victorian Western District over 6437ha went for $130 million or $20,197/ha (8087/acre) and the Naracoorte, SA lots of 2022ha, including vineyards and water entitlements, went for $65 million, or $32,146/ha ($12,585/acre).
Overall 49 properties were sold to 27 groups, with 63 expressions of interest as part of the sale process.
"We had a total of 27 groups buy and all of them were domestic buyers, which shows the confidence in agriculture at present," Mr Thomas said.
Corinella was owned by US-based asset manager Proterra Investment Partners which in turn is owned by agribusiness giant Cargill.
Mr Thomas said many of the sales were to syndicates of local farmers.
"They have got together in order to acquire the assets, which is a great way to allow them expand," he said.
Corinella had a strong broadacre cropping focus, along with some grazing, the Naracoorte vineyard and irrigated farming enterprise, supported by 5778 megalitres of groundwater entitlements.
The sale highlights the strength in the rural property market, highlighted by both the Corinella sale and the sale of Lawson Grain, with close to an estimated 100,000ha for what is believed to be around $600 million earlier in the year.
At a family farm level there have also been sales in mixed cropping and livestock regions in the southern Wimmera in the tens of millions of dollars.
Mr Thomas said there was particularly strong interest in the Western District holdings.
"Everywhere sold really well but the demand was very strong at Lake Bolac, where you have that good high rainfall zone cropping option along with livestock," he said.
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