This article is from the Australian Property Journal archive
LEADING agricultural investment firm GoFarm has snapped up Ferroro’s Dellapool horticultural aggregation in the NSW Riverina region for around $80 million.
The sale campaign for the 2,681-hectare development asset was hotly contested, with both national and international parties drawn to the aggregation’s substantial water entitlements, modern infrastructure and agricultural potential.
John Harrison, Matt Childs and James Auty from CBRE negotiated the sale, after the Italian Ferrero Group ditched its plans to develop a major hazelnut orchard on the site.
It was previously reported that up to one million hazelnut trees, worth around $70 million, will be removed from the property.
“The sale of ‘Dellapool’ attracted significant interest from both national and international parties. Given the quality of the infrastructure, the scale of the land, and the volume of water entitlements, this was a rare opportunity,” said Childs, director of agribusiness at CBRE.
GoFarm, which focuses on land-use change, investment in technology, and sustainability, acquired a $40 million NSW vineyard from Hong Kong’s CK Life Sciences back in July, after securing $200 million from Qantas Super in May.
“The competitive nature of this campaign reflects the strong demand for large-scale irrigation properties in Australia,” said Harrison, managing director of CBRE’s agribusiness team.
“Aggregations of this calibre rarely come to market, and we’re pleased to have secured the sale to GoFarm, whose commitment to responsible agriculture and transforming underutilised assets aligns perfectly with the future of this property.”