Australian mixed farming aggregation of ‘rare’ size hits market

The 5,798-hectare site near Mudgee in New South Wales comes with a significant water allocation, helping alleviate drought conditions.

A major mixed-farming aggregation in New South Wales’s Mudgee region is up for sale on a walk-in, walk-out basis.

The Warragundi Aggregation, near the town of Goolma is on the market and comprises a 5,798-hectare mixed enterprise with cattle, sheep, water and cropping.

The property is unusual for its size in the Mudgee region, CBRE’s Richard Royle told Agri Investor. “It’s really rare to get this size of property in that area, as it’s more of a lifestyle region now due to tourism and grapes.”

The combined aggregation includes an average carrying capacity of approximately 1,400 breeders and 600 replacements, as well as 2,500 merino ewes or 25,000 DSEs. It also has a range of pastures, including chicory, cocksfoot, fescue, phalaris, ryegrass, sub clover and white clover mix.

Warragundi comes with a water allocation of 1,014 megaliters, which is significant considering the current drought conditions being experienced in NSW. “That allocation is very high and having it has been a saviour during these dry conditions,” Royle said.

He noted that CBRE had received expressions of interest from a range of prospective buyers, including commercial agriculture fund managers, corporate farmers and high-net-worth individuals looking to gain a foothold in ag for the first time.

The aggregation is expected to fetch between A$20 and A$25 million, depending on whether the buyer decides to take on the property’s plant and equipment.

The sellers are the Harding family, who have aggregated the property over time and are now looking to “simplify their work commitments,” Royle added.

CBRE Agribusiness and Logical Livestock Marketing are overseeing the sale together via an expression of interest campaign, with submissions closing on September 7.