An almond orchard in the New South Wales Riverina has been sold for a staggering $98 million to a foreign investment group.
The 3,841-hectare horticultural property, Mooral, features 808ha of productive almond trees which were planted in 2006 and 2007.
On paper it appears the property sold for a massive $25,514 a hectare. However, it was the water entitlements that boosted the property's value significantly.
Mooral has 9 kilometres of frontage to the Lachlan River, and water entitlements including 10,305 megalitres of Lower Lachlan groundwater (of which 3,225ML is subject to a lease), 470ML of Lachlan River regulated high-security water and 1,443ML of Lachlan River regulated general security surface water.
Mooral was sold by ASX-listed investment trust Rural Funds Group which confirmed to the ASX in a statement that "contracts have been exchange for the sale of the Mooral almond orchard for $98 million (subject to various adjustments and inclusions) with a global agriculture and timberland investment manager as nominee for a special purpose vehicle that will be owned by pension funds and institutional investors."
It further stated, "it was conditional on completion of due diligence (within 45 days but subject to possible extension) and Foreign Investment Review Board approval".
It is understood the property has been sold to a North American investment group.
Listing agent Danny Thomas from CBRE is unable to comment on the sale.
