‘Drought-proof' Murray River powerhouse to tempt local growers
Bennelong, one of the highest profile rural holdings in the Southern Riverina, has been listed for sale for by the Reilly family.
The “drought-proof”, mixed-farming property with four kilometres of Murray River frontage in NSW is tipped to sell for about $17 million, including water rights.
The 2008-hectare property situated about 37 kilometres south-east of Swan Hill has 580 hectares of irrigated farmland.
Bennelong is being offered for sale by the Reilly family, who purchased the property for $8.5 million in 2017. The property is being sold as part of succession planning.
The property was previously owned by Victoria’s biggest chicken producers, the Bendigo-based Hazeldene family.
While the Reilly family focused on growing irrigated winter crops such as lentils, chickpeas and canola as well as fat lamb production, Bennelong is also suited to dryland cropping of wheat, canola and barley alongside irrigated summer crops such as corn, sorghum and cotton.
The property, which includes a five-bedroom house with a tennis court and pool alongside extensive farm infrastructure, is expected to sell for about $11 million.
The successful buyer will also have the option to purchase a 1700-megalitre water entitlement for a further $6 million, although this could be sold separately.
Elders Swan Hill agent Peter Robertson, who is marketing Bennelong alongside his Deniliquin-based colleague Matt Horne, said the Southern Riverina offered relative value compared to the “amazing” prices being paid in the Eastern Riverina.
Adding interest in the property, Mr Robertson said, was the “exceptional outlook for irrigation”, with Upper Murray catchment water storage nearing capacity and the Hume Dam 99 per cent full.
“We have inspections lined up with people from the Eastern Riverina as well as from Southern Victoria,” he said.
“We expect a lot of traction as there is not a lot of property on the market at the moment. If it were spring, there would be more for sale.”
An added attraction of Bennelong is a campsite on the Murray River offering temporary accommodation and the opportunity for boating, skiing, fishing, swimming and camping.
“It’s one of the highest profile holdings presented to the market in recent years in this tightly held and capital-appreciating Swan Hill district,” Mr Robertson said.
Bennelong follows another prized Southern Riverina holding, the 2448-hectare Withers Aggregation near Berrigan, hitting the market earlier this month.
It is offered by the Withers family for the first time in more than 60 years. The price expectations are between $33 million and $36 million through Mike Weller of Corcoran Parker.
