This article is from the Australian Property Journal archive
THE Washington State Investment Board-backed Laguna Bay has lobbed a Border Rivers region dryland cropping aggregation to the market with hopes of more than $90 million.
Institutional-scale Carpendale portfolio in southern Queensland also offers a grain receival site and transportation enterprise, and options for growth in other markets.
The portfolio comprises 13,740 hectares across five individual holdings, with 12,259 hectares, or 89%, of the land arable. Annual rainfall of 600 millimetres supports production of winter crops, including wheat, barley and canola, and summer crops including sorghum, with the potential to produce chickpeas and corn.
Average crop yields for the region on a per-hectare basis are two to four tonnes for cereals, 1.5 to 2.5 tonnes for canola, and three to five tonnes for sorghum.
LAWD, who is selling the aggregation in conjunction with Nutrien Harcourts, confirmed to Australian Property Journal that over $90 million is expected and interest has already come from local, corporate and institutional investors.
A grain receival site on Carpendale supports grain production, with a total capacity of 175,000 tonnes across 14 grain bunkers and 6,230 tonnes of elevated grain silos, and offers grain testing and segregation for drying, grading and fumigation options.
The site is also an Australian Quarantine Inspection Service registered facility, meaning it is authorised to inspect and export grains, with the capacity to pack 750 tonnes per day or 15,000 tonnes per month into containers for export.
A transportation enterprise, including nine prime mover/trailer combinations and extensive equipment, will be offered for sale with the portfolio.
LAWD’s Danny Thomas said the portfolio’s track record as a highly productive enterprise made it an attractive proposition to large-scale investors seeking a solid investment with significant growth potential in other markets.
“The vendor is also engaging with a soil carbon project delivery firm to implement a carbon enhancing seed treatment, potentially allowing for additional revenue through ACCUs, and has 108 hectares planted with Nuseed Carinata, a canola-like, non-food feedstock crop, as part of an on-farm trial for sustainable aviation fuel,” Thomas said.
There are opportunities at Carpendale to diversify and grow the enterprise with renewable energy projects, carbon, lot feeding and growing crops for aviation fuel.
Nomby, one of the properties within the aggregation, has a development approval for a 20,000 standard cattle unit feedlot, and the vendor has also been approached by a global wind farm developer to conduct feasibility studies to connect to a major transmission line.
Since FY21, Laguna Bay has invested significant capital to level and improve 1,611 hectares of melonhole cropping land, convert and level 1,272 hectares of grazing and convert 482 hectares of shadeline. The acquisition of neighbouring properties and the removal of internal fencing, has resulted in developing longer runs across the portfolio to maximise cropping efficiencies.
Further scale and operational efficiency is provided by four separate lease agreements that provide access to another 5,627 hectares adjacent to the portfolio.
Spray water for the aggregation is primarily supplied through 10 equipped groundwater bores which reticulate water to numerous polythene tanks throughout. Nomby also had access to a licensed bore for livestock that would support the proposed feedlot operations.
Improvements across the portfolio include machinery and storage sheds, workshops, offices, an airstrip and hangar, staff accommodation and multiple residences, including a 476 sqm, eight-bedroom homestead on Manus and a 382 sqm four-bedroom homestead on Mayfair.
Expressions of interest close 5th September.
Carpendale is the second dryland cropping property in the Border Rivers region to hit the market in a matter of weeks. The 4,256-hectare Boongargil has been offered with expectations of $35 million. It produces cotton, wheat and sorghum in rotation. More than a third of the property is extensively developed to irrigation.
Boongargil is leased to an experienced operator until June 2026.
