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 Clyde Agriculture $90m property sell off 

Clyde Agriculture $90m property sell off

30 Aug, 2010 04:33 PM
John Swire & Sons is expecting between $80 million and $90m for five of its Clyde Agriculture blocks it is putting up for sale as part of a broader dispersal of the group's 12 rural holdings.

John Swire & Sons says extensive domestic and overseas buyer interest in its Clyde Agriculture portfolio of properties has led to offering the 12 of its holdings individually for sale.

Four of the NSW properties - Merrimba, Oxley, Pier Pier and Wirribilla - have been listed for sale by private treaty, while Wingadee will go to auction on October 22.

Merrimba (18,879 hectares) and Oxley (35,168ha) are located north of Warren.

Merrimba has 3000ha of cropping but both properties are predominantly grazing with 35,000 DSE and 80,000 DSE respectively.

Pier Pier, north west of Coonamble, is 29,420ha with 2500ha cropping and 58,000 DSE.

Wirribilla (4,921 ha) is 30 kms south of Walcha and carries 73,500 DSE.

Wingadee (31,193ha) is located 47km north of Coonamble and has approximately 7280ha of dryland cropping and 64,000 DSE.

Managing director of Clyde Agriculture John McKillop said there had already been extensive interest in some of the other Clyde properties, including those with cropping and irrigation and negotiations for these were progressing well.

"It’s not surprising that the enquiry for the Clyde properties has been strong," Mr McKillop said.

"The properties are enjoying good seasonal conditions and they present a unique opportunity for investment.

"We would expect this portfolio of five properties being formally offered to attract between $80-90 million bare of plant and livestock."

The properties are being marketed through Landmark and are being offered bare, and for settlement after harvest.

However, successful buyers will have first option to purchase plant, equipment and livestock.

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