DAYBREAK Cropping, the same buyer behind the high profile and record-breaking sale of Erregulla Plains, Mingenew, has made its second investment into the New South Wales Riverina region.
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The company's purchase of Orana Farms, near Weethalle and Tullibigeal in the State's Central West region, comprises about 11,900 hectares of cropping land.
The aggregation consists of four properties for which Daybreak paid a reported $20 million or more.
Three of the four properties were sold through Temora-based Miller and James director Bruce Holden, who said the sale achieved record prices for the district.
"Initially the buyer was attracted to the size of the properties and the amount of infrastructure in grain storage they had and the good management practices also made them appealing," Mr Holden said.
It's other recent purchase of WA's Erregulla Plains made headlines as being the most valuable broadacre farm sale in the State's history, when the company paid the Smart family $97.62m for a walk-in, walk-out deal.
As suggested by its business name, all seven of Daybreak's properties are for grain, oilseed and legume cropping purposes, with Orana Farms focused on wheat, barley and chickpeas.
Erregulla Plains, with more than 18,000ha of arable country, is cropped to wheat, canola and lupins.
Bodallin Farms, at Bodallin consists of 12,570ha of cropping land and was purchased by Daybreak in April, 2019.
The cropping program consists of wheat, barley, canola and ameliorated fallow.
Waddikee Farms, near Ravensthorpe, was the company's first purchase in WA.
Bought in early 2018, the property has about 6500ha of croppable land and its production includes canola, wheat and barley.
Daybreak's WA land holdings are a total 37,070 of arable hectares.
The addition of Orana Farms brings Daybreak's total area of arable land across Australia to 75,220ha.
Daybreak was formed in a partnership between Warakirri Asset Management (WAM) and Canada's Public Sector Pension Investment Board.
Daybreak is managed by WAM, which has other agricultural businesses including Warakirri Cropping, Aurora Dairies and a Diversified Agriculture Fund.
Warakirri Cropping comprises 80,000ha across five States, including its two properties in WA of a combined 24,550ha.
Miller and James services the central NSW region and down towards south of Wagga Wagga and Mr Holden said although there hasn't been much buying activity but "blue ribbon properties have still been creating records".
"Land values have been creeping higher, although at a slower rate than they were previously," he said.
Mr Holden said the drought and lending tightening from banks have contributed to the quieter market.
Even with the prolonged and widespread drought in the region and further beyond, Mr Holden said there was still lots of confidence in the industry, with demand coming from family farmers, institutions and investors.
Daybreak Cropping was contacted but declined to comment.
