Reardon's Worral Creek Aggregation expected to hit $400 million

Mark Phelps
By Mark Phelps
Updated March 21 2022 - 3:54am, first published 2:00am
JLL AGRIBUSINESS: One of Australia's premier irrigated cotton farms, Worral Creek Aggregation, is on the market, expected to make around $400 million.

THE Reardon family's major Queensland/NSW border irrigated cotton operation, Worral Creek Aggregation, is on the market.

The operation covers 26,855 hectares (66,360 acres) across seven properties on the Queensland/NSW border and is expected to make around $400 million.

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JLL Agribusiness directors Clayton Smith, Chris Holgar and Geoff Warriner have been appointed to sell the aggregation on a going concern basis, in conjunction with Oxley Capital Partners, through an expression of interest process.

The seven geographically advantaged properties are located between Talwood and Mungindi and have more than 65,900 megalitres in annual water entitlements.

The Worral Creek Aggregation is on track to produce more than 75,000 bales of cotton this season.

The aggregation's properties are: Mirreyah and Wolonga (9400ha); Worral Creek and Willarie (12,064ha); Yarramildi (4042ha); Riverside (1088ha); and Ridgeview (261ha).

"With over 70,000ML of on-farm water storage, excellent water infrastructure and development with an extensive suite of plant and equipment, the aggregation represents one of the most significant irrigated cotton enterprises to hit the market in recent years," JLL's Clayton Smith said.

"Strategically located within the Border Rivers Region, the aggregation represents a once in a generational opportunity to acquire a multi-award winning, myBMP-certified irrigation enterprise of scale, quality, and reliability.

"The aggregation's geographical location at the confluence of multiple major systems coupled with extensive water harvesting, pump down and overland flow entitlements unique to the location of the aggregation provides exceptionally high water reliability."

About 7510ha have been developed to bankless, siphon and spray irrigation systems.

Worral Creek Aggregation is interspersed by five watercourses including the Barwon and Weir Rivers.

The aggregation is on track to produce more than 75,000 bales of cotton this season. In addition, 6720ha of dryland country enable the production of a diverse range of cereals and legumes.

Oxley Capital Partners managing director Ben Craw said Worral Creek was an institutional grade asset offering scale and with reliabile water, which has produced average yields of up to 14.5 bales of cotton a hectare.

"It's worth noting that development across the aggregation has been funded from its internal productivity and the water entitlements progressively acquired to now represent a water portfolio that would be difficult to recreate," Mr Craw said.

Worral Creek Aggregation is for sale, in part or as a whole, through an expression of interest process. The sale process will be conducted in two stages, with stage one seeking non-binding offers by May 12.

A shortlist of preferred parties will be invited to participate in concluding stage two phase.

Contact Clayton Smith, 0428 878 523, Chris Holgar, 0411 177 167, or Geoff Warriner, 0408 687 880, JLL Agribusiness.

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