Historic South Australian farm sells in large off-market deal
A historic homestead and farm in South Australia’s Clare Valley has sold in one of the largest off-market sales in the state.
Kadlunga, a well-known homestead built in the 1850s, and the surrounding farmland was sold by Northern Territory farmers, the Edmunds family, after they bought the 2340-hectare farm in 2017.
The family acquired an additional 1600 hectares of surrounding farmland during their ownership and made improvements to the homestead and farming infrastructure. The property had not been for sale, but a local farming family who own and operate the nearby merino Collinsville Stud, approached the owners.
The farm, which is located near Mintaro, 126 kilometres north of Adelaide and 19 kilometres south east of Clare, is primarily a cropping, sheep breeding and cattle operation.
A sale price was not disclosed but based on the previous vendor’s asking price of $22 million for about 2300 hectares in 2016, it is calculated the property, which has since expanded to 3900 hectares, could have sold for about $40 million.
“We had not intended to realise our investment this early. However, we have decided to exit on the basis that the terms negotiated with Mr [George] Millington are very fair and this sale will ensure that this truly iconic asset will be placed into the hands of a terrific South Australian farming family,” vendor Tim Edmunds said.
George and Sophie Millington said the acquisition would enhance their stud’s production diversity by being able to grow grain and fodder in what they said was some of South Australia’s most reliable farmland.
“The acquisition will allow us to expand our operations and support our strategic objective of consistently breeding the highest quality Australian Merino sheep for our customers nationwide year in year out,” Mr Millington said.
The sale was negotiated off-market through buyers agents Phil Keen and Tom Russo from Elders, but both declined to comment on the specifics of the transaction.
Mr Russo said some of the surrounding cropping land that was not of strategic importance to the new operation would be sold off.
“Given the quality of this land, and the tightly held nature of the district, this is a genuinely rare and compelling opportunity for existing farmers in the district and potential new entrants looking for instant scale”, Mr Russo said.
