TWYNAM Group has taken another step in its divestment process with the sale of its “Collymongle” operation at Collarenebri to adjoining landholders, the Zell family of “Taroo”.
Contracts were exchanged on Tuesday for the 35,600ha property, following a lengthy negotiation process. No price has been disclosed for the sale, which was handled by Phil Rourke and Paul Thomas of Landmark Harcourts.
About 14,400ha of “Collymongle” is arable, of which 7500ha is developed for irrigation.
Twynam acquired “Collymongle” in 1999 when it assumed full ownership of Colly Cotton, having previously held a 25pc stake.
It subsequently sold the ginning and marketing interests of Colly Cotton but retained the “Collymongle” property, although the bulk of the latter’s water entitlements were offloaded also in 2009 as part of Twynam’s $300m sale of surface water rights to the Federal Government.
The sale of “Collymongle” leaves Twynam with just its “Jemalong” and “The Mount” properties at Forbes, “Merrowie” at Hillston and “Gundaline” and “Cobran” in the Riverina.
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