This article is from the Australian Property Journal archive
MAJOR Canadian pension fund, the Public Sector Pension Fund, has lobbed the 11,288-hectare Kinbeachie Aggregation in Queensland’s Border Rivers region to the market, hoping for more than $65 million.
PSP Investments, which bought the aggregation in 2019 from One Tree Agriculture, holds the asset in its cropping company Altora Ag. Altora Ag was created early last year from the merger of PSP Investments’ majority-owned cropping enterprise Daybreak Cropping and BFB, becoming Australia’s largest rural and agribusiness landholder by value.
Kinbeachie Aggregation comprises four properties, being Moreville, at 3,200 hectares, Kinbeachie, at 3,119 hectares, MoBirribindable at 2,873 hectares, and Coomonga at 2,035 hectares.
The aggregation is currently utilised for the production of winter and summer crops, including wheat, barley, canola, chickpeas, faba beans and sorghum, in a comprehensive crop rotation system.
Fertile soil types are predominantly self-mulching black/grey cracking clays, with high soil moisture retention capabilities, and the property receives 523 millimetres of rainfall supported by a combination of natural and engineered drainage. It is strategically situated with direct frontage to the Macintyre River and Weir River.
There are numerous dwellings across the property, as well as operational infrastructure, airstrips and substantial grain storage.
LAWD has the listing. Expressions of interest close 28th November.
Earlier this year Altora Ag acquired large-scale South West Slopes dryland cropping property Timberscombe for $70 million from ASX-listed Dutton Farms.
Australian farmland values continued to grow through the first half of 2024, marking a 22nd consecutive half-yearly period of annual increases, according to Rural Bank. Queensland prices lifted 17% year-on-year in the first half of 2024.
