The Carnarvon Aggregation located south-west of Gunnedah. Photo: Moree Real Estate

THE UTAH-BASED Alkira Farms is continuing to spend up big in Australia, with the latest purchase a northern New South Wales institutional grade dryland cropping and irrigation business.

The investment arm of the Farmland Reserve, owned by the Church of Jesus Christ of Latter-day Saints, has paid in excess of $30 million for the 2832ha Carnarvon Aggregation located south-west of Gunnedah, on the edge of the Liverpool Plains.

Just last week, Alkira purchased most of the Duxton Farms-owned 6020ha Kentucky Aggregation in the central west of NSW for $38M (bare).

And in March, it acquired the 5694ha North Star Aggregation, a dryland cropping operation in the Golden Triangle region, from Proterra Investment Partners.

In August last year, Alkira Farms partnered with Melbourne-based Warakirri Asset Management and paid more than $350M for one of Australia’s largest privately owned irrigation and dryland-farming enterprises – southern Queensland’s 26,855ha Worral Creek Aggregation including 65,900ML of water entitlements.

Carnarvon Aggregation

Moree Real Estate agent Paul Kelly, who handled the sale, was unable to disclose the price paid for the Carnarvon Aggregation.

However, during the marketing campaign, the arable land was offered for $12,500 per hectare.

For the past 10 years, the portfolio of four farms has been managed and developed by fund manager Growth Farms on behalf of an overseas investor.

Growth Farms holds more than $800M in funds under management across 40 farms owned by 16 clients, comprising a combination of global institutions, family offices and private individuals.

Alkira has employed Growth Farms to continue managing Carnarvon, in line with plans to employ experienced managers and local workers who have the skills to grow productive crops.

Farmland Reserve CEO Doug Rose said he is looking forward to working with the company, which has a decades-long track record of success that demonstrates a passion for Australian agriculture.

The Carnarvon Aggregation comprises two non-contiguous hubs 7km apart – the 2173ha Carnarvon (1335ha Carnarvon, 540ha Kairi and 298ha Part Tourable) and the 659ha Dunroamin.

Growth Farms has introduced a simple farming system with optimum crop rotations, soil fertility, paddock sizes and a focus on returns.

The mostly level, black basalt self-mulching country is described as typical, good quality Mullaley district country suited to growing a mix of summer and winter crops including cereals, oilseeds, legumes and cotton.

Across the holding, Carnarvon Aggregation has 1764ha of dryland cropping (750ha of wheat and 160ha of chickpeas), 108ha under centre pivot and 156ha of lasered irrigation underpinned by 1000ML from the Cox’s Creek and 850ML of on-farm water storage.

Infrastructure

• 1335ha Carnarvon has a three-bedroom home, numerous sheds, cattle yards, a 2800-t grain storage complex with a weighbridge, a grain dryer and an elevator, as well as 5000-t of lasered grain bunkers and 300-t of fertiliser and seed storage.
• 540ha Kairi has a four-bedroom home, a shed and 140-t of grain storage.
• 659ha Dunroamin has 555ha of dryland cropping (550ha of canola are available for sale), a three-bedroom home, sheds and 240-t of grain storage.