NSW almond orchard tipped to fetch $30m
The Schembri family has put its almond orchard near Griffith in the NSW Riverina up for sale as it looks to expand its neighbouring melon operations into the Northern Territory.
Price expectations are understood to be around $30 million for the Greenview Farms almond orchard at 1648 Boorga Road in Tabbita, 16 kilometres north of Griffith.
The 584.59-hectare landholding has 430 hectares planted to various almond varieties, including Nonpareil, Monterey and Wood Colony – all planted in 2015 – and Nonpareil and Shasta, planted in 2019.
Almond trees take five to six years to reach full nut-bearing capacity.
Led by managing director Jamie Schembri, the family grows seedless watermelon, rockmelons, Peil de sapo melons and almonds across 1350 hectares in the Griffith irrigation area.
The family’s offering of its almond orchards comes amid strong demand for horticultural assets, especially those producing nuts.
“The NSW Riverina region is one of the world’s fastest growing areas for almond producers,” said CBRE’s Phil Schell, who is selling the almond orchard alongside colleague Angus Bills.
“The institutional scale and production potential of Greenview Farms is expected to drive interest from institutional investors and existing producers, seeking scaled expansion opportunities.”
Secure water supply – almonds require large and consistent irrigation to thrive – is sourced from the Murrumbidgee Irrigation Scheme. Included is 800 megalitres of on-farm water storage in addition to a new irrigation system.
The orchard is also close to key infrastructure, including the Kidman Way, Mid-Western and Sturt Highways. Nearby are almond processing facilities in Griffith (for Almondco), Robinvale (Select Harvests) and Mildura (Olam).
“The sale provides an opportunity to secure an institutional-grade asset in a core horticultural location, where plantings are coming into full production supported by high-quality operational infrastructure and structural improvements,” Mr Bills said.
“The property also offers future growth opportunities, including the ability to expand the existing orchard or develop other horticultural or cropping pursuits.”
Last month, a large-scale almond orchard and land portfolio in South Australia’s Riverland region hit the market with expectations of $50 million or more.
In February, ASX-listed Rural Funds Group said it would plant 500 hectares of new macadamia orchards in Central Queensland in 2021 as it looked to make the high-yielding super nut a major driver of future earnings growth.
