Press Release

Major Riverina Orchard hits the market

Sydney

February 13, 2024

Media Contact

Imogen Braddock

Senior Communications Specialist, Australia

Photo of imogen-braddock

A syndicate of investors, including well-known citrus industry stalwarts John and Dean Morris, have listed for sale Moricom Orchards, a citrus and avocado property in the New South Wales Riverina region, with price expectations of circa $25 million. 

  

The 502.50ha property comprises a total orchard area of 108.28ha which was planted between 2007 and 2023 with a mix of Afourer Mandarins, Sumo Mandarins and Hass Avocados as well as 167.89ha of plantable land available for future expansion.

  

The property was strategically selected by the vendors for its key attributes including proximity to the Murrumbidgee Irrigation Main Canal, elevated topography for minimal risk of frost and flood, fertile soils and its Mediterranean climate.

   

CBRE Agribusiness’s Boo Harvey and John Harrison have been appointed to manage the sale via an Expression of Interest campaign closing March 21, 2024.

  

The mandarin plantings have been developed to a best-in-class standard with 54.93* hectares trained on trellis systems and 51* hectares of the mandarin plantings under permanent netting providing protection from wind and hail. All trees are planted on north-south large raised mounds in high density plantings ranging from 1,000 to 1,500 trees per hectare. 

  

Moricom Orchards is managed using open hydroponics principles tailoring the delivery of water and nutrition to meet the trees needs during the various phenological growth phases. The orchard’s irrigation water is automatically pH adjusted to ensure that nutrients are taken up freely by the trees and is delivered to the plantings via state of the art fully automated drip irrigation and fertigation systems. Unique management techniques such as ‘water stressing’ are adopted to increase the natural sugar content in the fruit desired by premium markets. The orchard is set up for platform harvesting as a precursor to robotic harvesting in the future.

  

“The Moricom Orchards site was strategically selected and has been designed to grow premium quality sweet tasting seedless fruit targeted at supplying counter seasonal export markets and the Delite and Sumo consumer citrus brands in Australia. The avocado production is aimed at supplying the gap after Queensland harvest has finished and before Western Australia commences,” Ms Harvey said.

  

Mr Harrison added, “Moricom Orchards presents a unique and advantageous opportunity for investors, with the orchard developed to a best-in-class standard offering diversification, young weighted average tree age and further expansion potential.”

 

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.