CBRE has sold a privately listed farming aggregation in South Australia’s Mundulla, with the best cropping land achieving close to $4,000 per acre.
Four out of the five properties in the 911ha aggregation were purchased by local farming families and producers, the average price for the total aggregation was $3,520 per acre or $8,700 per hectare.
The five of the individual Mundulla farmland properties have been divested, including Kil-Lel (176ha), Richmond (225ha), Speculation (112ha), Sweataroo (313ha) and The Cottage (85ha).
In 2018, approximately 851ha was being cropped to beans, wheat and barley, canola and oaten hay. Last season, crop yield and quality on the aggregation performed extremely well with wheat at 4 tonne per hectare, barley at 3.4 tonne and canola around 2.5 tonne while many areas in South Australia suffered production losses under dry seasonal conditions.
CBRE’s Phil Schell and Angus Bills have now finalised contracts with four buyers after completing an extremely competitive Expression of Interest campaign, which attracted 60 enquiries, 26 property inspections were conducted and multiple offers received for each property. One buyer purchased two of the properties for sale.
Mr Schell said; “The sales campaign created competitive buyer tension and resulted in a great result for our vendor.”
“The local buyers were attracted to the ideal add-on properties that the Mundulla Aggregation presented their existing farming operations.”
“The sale of the Mundulla Aggregation has broken new records for bare cropping land in the region, with minimal improvements on each of the properties.”
“The South East region continues to be a highly sought-after area to secure feed reserves and seek reliability amongst the current seasonal conditions” said Mr. Bills.
Four out of the five properties in the 911ha aggregation were purchased by local farming families and producers, the average price for the total aggregation was $3,520 per acre or $8,700 per hectare.
The five of the individual Mundulla farmland properties have been divested, including Kil-Lel (176ha), Richmond (225ha), Speculation (112ha), Sweataroo (313ha) and The Cottage (85ha).
In 2018, approximately 851ha was being cropped to beans, wheat and barley, canola and oaten hay. Last season, crop yield and quality on the aggregation performed extremely well with wheat at 4 tonne per hectare, barley at 3.4 tonne and canola around 2.5 tonne while many areas in South Australia suffered production losses under dry seasonal conditions.
CBRE’s Phil Schell and Angus Bills have now finalised contracts with four buyers after completing an extremely competitive Expression of Interest campaign, which attracted 60 enquiries, 26 property inspections were conducted and multiple offers received for each property. One buyer purchased two of the properties for sale.
Mr Schell said; “The sales campaign created competitive buyer tension and resulted in a great result for our vendor.”
“The local buyers were attracted to the ideal add-on properties that the Mundulla Aggregation presented their existing farming operations.”
“The sale of the Mundulla Aggregation has broken new records for bare cropping land in the region, with minimal improvements on each of the properties.”
“The South East region continues to be a highly sought-after area to secure feed reserves and seek reliability amongst the current seasonal conditions” said Mr. Bills.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
