Hassad Australia has sold a dry land cropping aggregation spanning more than 3,000 hectares in South Australia’s mid-north for $16.2 million.
CBRE Agribusiness’ Danny Thomas and Phil Schell negotiated the sale of Glendale Aggregation, comprising 12 semi-contigious landholdings totaling 3,263 hectares.
The sale was one of three properties divested by Hassad Australia – the others being Raby in New South Wales and the Ungarra Aggregation in South Australia. The sales also follow the earlier transaction of properties in Victoria and Queensland. The divestments are in preparation for the next phase of the company’s investment strategy that will see further investment in lamb and grain marketing.
Located approximately 29 kilometres north-east of Clare, the Glendale Aggregation is suited to growing wheat, barley, canola, lentils and legumes, as well as grazing livestock.
CBRE’s Phil Schell said the property generated widespread buyer interest: “The Glendale Aggregation received interest from all market segments, including local farming groups, intra and interstate farming families exploring geographic diversity, and institutional groups (including foreign funds).
“A number of local adjoining and nearby farmers ultimately purchased all of the assets, indicating the continued confidence that local buyers have in this region, noting all purchases were on cash terms with little or no conditionality.”
South Australia’s mid-north is a renowned farming region, well-known for its high quality cropping land and excellent position nearby several major towns such as Burra, Farrell Flat, Clare and major grain delivery sites including Roseworthy and Wallaroo.
Hassad Australia Chief Executive Officer John McKillop commented on the transaction: “The sale of Glendale Aggregation will allow us to rebalance our portfolio by further diversifying and strengthening our Australian operations, and providing an opportunity for the production, processing and marketing of premium agricultural products.”