The 11,260-hectare Yarrabee Park giant Riverina cropping block owned by goFARM has sold to Daybreak Cropping.
It's not the only property goFARM has had on the market recently. The firm is currently looking for a buyer willing to pay "north of $250 million" and prepared to invest another $200m upgrading its 6298ha Sandmount Farms Portfolio in Victoria's Murray Valley.
Yarrabee Park purchaser Daybreak Cropping already owned 75,000ha of cropping aggregations across seven properties in Queensland, NSW, Victoria and Western Australia. Yarrabee Park is at Morundah, about 130 kilometres west of Wagga Wagga, NSW.
Selling agent, Nick Myer Elders Real Estate state manager, supported by colleagues Matt Horne, Angus MacLeod and Mark Barber, said the property was exceptionally well received by the market, with very strong interest coming from both domestic and international purchasers.
When Yarrabee Park hit the market, Elders agents said they expected it to bring at least $60 million.
The final sale price has not been disclosed but goFARM managing director Liam Lenaghan said it was only one important factor in the sale process.
"To us, it was critical that any purchaser could demonstrate a track record of developing people, delivering a safe work environment, ensuring strong land stewardship and engagement with the local community," Mr Lenaghan said.
"As such, we recognise that Yarrabee Park and its team will continue to be in great hands with Daybreak Cropping."
Last year, Yarrabee Park produced approximately 37,500 tonnes of cereal, oilseed and pulse crops. Almost half was sown to barley in the lead up to the sale, with the remainder almost equally split between wheat, canola, hay and pulses.
In September, goFARM founder Liam Lenaghan said the time was right to sell.
"The decision is motivated by several factors but, principally, goFARM's purpose is to transform agricultural assets and, after seven years of executing against the development plan, Yarrabee Park is now the showpiece grain factory we set out to deliver," he said.
"This, combined with unsolicited purchase enquiries in recent months, has resulted in our decision to offer the property to the market.
"The quality, scale and optionality of Yarrabee Park makes it a rare asset, and as such, if it sells, it will be sad to see it go. It will however release capital to allow further investment across a number of other farmland developments in the pipeline."
It's unclear where goFARM will invest the money raised by the Yarrabee Park sale.
Launching the Sandmount Farms campaign last month, Mr Lenaghan said the need to invest more than his high-net-worth investors could spare had triggered the decision to sell.
"Our pockets are only so deep," he said.
"GoFARM shareholders are supported by high-net-worth individuals and family offices, so to double down, which is what the investment requires now, is a big ask from any one individual."
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