A local almond grower has fought off strong competition from a range of private investors to acquire an orchard in the Riverland.
Colliers International’s Jesse Manuel and Nick Goode have sold a 36.48ha horticulture property at Cooltong near Renmark, South Australia, for $1.3million.
The property comprises a mature almond orchard, new plantings and some plantable land.
Mr Manuel said the campaign generated strong interest from both local producers looking to expand their existing holdings as well as private investors looking to break into the industry.
“This small scale commercial almond orchard represented an excellent opportunity for existing almond producers to add to their holdings or for other nut or horticultural producers to add product and market diversity to their business,” he said.
“It also appealed to investors seeking exposure to the agribusiness sector in an industry which is currently experiencing strong prices for its product.”
Mr Goode said the combination of both mature and emerging almond plantings offered an opportunity for productive and capital growth.
The 36.48ha property is occupied by 25.87ha of almond plantings, 18ha of which were planted from 1996-1997 and 7.87ha in 2014-2015.
“The professional establishment, management and outstanding presentation of the orchard and operational facilities attracted keen interest from this wide range of buyer groups,” Mr Goode said.