This article is from the Australian Property Journal archive
A GERMANY-based family office has made its second major Australian agricultural asset purchase in just a few months, spending more than $30 million on a dual-farm aggregation in NSW’s Lachlan Valley.
LAM LUF Overseas GMBH, a subsidiary of Lukas Asset Management Land und Fortwirtschaft fund, is the new owner of Fairholme Aggregation, quickly following up its recent purchase of the historic Gilgal Station near Cootamundra in NSW for $53 million.
Fairholme and Gilgal will be run by agricultural asset managers SLM Partners and Impact Ag Partners, forming part of their joint venture, Agri Carbon Investments, according to The Weekly Times.
Fairholme, near Condobolin, is currently utilised for the production of cotton, oilseeds, winter cereals, fodder and a grass-fed cattle fattening program.
It comprises the 2,538-hectare Fairholme, which was owned by a syndicate of local farmers and sold for about $19 million, while The Island portion, of 1,428 hectares, was owned by grazier Sean Duggan and sold for about $11 million.
Water is a feature of the aggregation. The offering included 3,426 ML of Upper Lachlan alluvial groundwater, 1,172 ML of Lachlan River general security water and 184 ML of Lachlan River general security water delivered via the Jemalong irrigation scheme.
There is 700ML of on-farm water storage, centre pivot and linear move spray irrigation, flood and border check irrigation. There is 2,279 hectares capable of dryland arable cropping and 844 hectares with irrigation potential.
Improvements include a four-stand woolshed and under cover cattle yards, while a grain silo, fertiliser storage, machinery sheds and workshop support the dryland cropping and irrigation program.
There is residential accommodation for both management and workers.