This article is from the Australian Property Journal archive
SHEEP and CATTLE enterprise Paraway Pastoral Company has offloaded its 14,400-hectare Borambil Station in NSW’s Central West, the second sale of three properties it lobbed to the market last year with expectations of $180 million.
Owned by Macquarie Asset Management, Paraway Pastoral put Borambil Station to the market in May alongside the the 23,905-hectare Pier Pier Station aggregation and the 4,456-hectare Burmah aggregation, both also in NSW, through agency LAWD.
Pier Pier Station has since been withdrawn from the market.
Around $60 million was expected for Borambil Station, which had been owned by Paraway Pastoral since 2008.
Media reports have local farmers the Elias family as the buyers, adding to their Central West farming holdings.
Borambil Station comprises the East Borambil, Ellerslie, Grassmere, Mooney Park and Borambil Park properties. The property has primarily been used for Merino sheep and lamb production, as well as dryland and irrigated cropping.
It has capacity for 13,000 Merino ewes and cattle agistment with a capacity of 40,000 dry sheep equivalents.
Around 564 hectares has been developed to flood irrigation, supported by extensive water entitlements including 3,550 megalitres of groundwater licences and 5,109 megalitres of river water licences.
The sale of Borambil Station follows the Burmah Aggregation changing hands in November. The finishing and cropping property in the North West Slopes was picked up by GunnAgri Partners as part of its $200 million Wilga Farming sustainable agricultural platform, and added to The Glen to form a 6,660-hectare property.
Recent major agricultural deals in NSW have included AAM Investment Group offloading its 14,074-hectare Sunshine Farms mixed-farming aggregation in the Lachlan Valley – tipped to net more than $90 million – to the world’s largest farmland investor, the US Teachers Insurance and Annuity Association of America and College Retirement Equities Fund’s Nuveen Natural Capital.
Australian farmland total annualised returns came in at 11.29% at the end of 2023, with the December quarter seeing a return to positive performance after two consecutive periods of negative results, according to ANREV.
Contributions included income return of 5.15% and capital growth of 5.93%.
