POINT Farms, an irrigated horticulture and row cropping operation in the tightly held Darlington Point district of NSW's Riverina Region has been listed for sale, with price expectations between $50 million and $60 million.
Agrinova Pty Ltd's Darlington Point aggregation is being offered through CBRE Agribusiness and comprises four contiguous properties. The 2142ha (5293 acre) operation has been consolidated and continuously developed since 2003.
The aggregation is made up of Point Farms (907ha/2241 acres), Hastings (408ha/1008 acres) and Cattanach's (625ha/1544 acres), which are all fully developed for irrigated row cropping, and Wetareel (202ha/499 acres), which is established to almonds and offers expansion potential.
The operation has 1627ha of flood irrigation, 104ha of almond plantings, and 35ha developed for almonds, but not planted. There is also 32ha of water storages and 344 of dryland farming and support.
The aggregation's irrigation infrastructure is underpinned by 11,956 megalitres of water and more than 900ML in storage capacity.
CBRE Agribusiness' Peter Ryan, Danny Thomas and Jarrod Ryan have been appointed to market the aggregation.
Peter Ryan said the vendors invited expressions of interest from parties interested in providing capital to capture the full development of Point Farms through joint venture, sale and leaseback or purchase.
"Historically, irrigated cotton has been the major cropping enterprise undertaken at Point Farms, as it had the highest profitability," Mr Ryan continued.
"However, with neighbouring properties having been developed for horticultural production and the value of water entitlement increasing, Point Farms is ideally suited for an investor seeking to develop the property to its full potential-by either expanding the almond plantings or by establishing other permanent plantings, such as grapes or citrus."
The sale process will be conducted in two stages, with stage one's nonbinding offers closing on October 30.
