QUEENSLAND macadamia farms are experiencing strong transaction activity, with opportunistic buyers snapping up several distressed properties.
Bundaberg-based Grant Pastoral bought the 240-hectare Peachester Farm in the Glasshouse Mountains on Friday for $2.5 million, beating eight other registered bidders at a Ray White Rural auction in Brisbane, reports The Australian Financial Review.
Grant Pastoral's move comes just a few weeks after coalmining entrepreneur and BRW Rich Lister David Knappick bought Wilsons Pocket macadamia farm at Gympie in Queensland for more than $3 million. Peachester Farm was placed in the hands of receivers McGrath Nicol after Commonwealth Bank of Australia took possession.
The property, which was marketed by Ray White Rural's Jez McNamara, has 55,000 macadamia trees as well as farm infrastructure and a three-bedroom, two-bathroom homestead.
"Macadamia farms are attracting buyers from diverse areas and there seems to be a high level of confidence in the macadamia industry," Mr McNamara said. "There have been several distressed sales, which does create the perception that vendors will meet the market ." He expects more macadamia farms with high debt levels to come to the market.
Farms such as Jondell and Maravista, which were placed in receivership by National Australia Bank, are now on the market through Elders.
The properties cover 307 hectares in the Noosa hinterland and have 45,000 macadamia trees of varying maturity.
The Jondell property has a four-bedroom homestead, separate guest quarters, pool and three-bedroom cottage.
Elders' Garry Martin has the listing and said there had already been inquiries about the property from NSW and Victoria.
