April 7, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

Oxley Capital Partners, led by managing director Ben Craw together with JLL’s directors of agribusiness Clayton Smith, Chris Holgar, and Geoff Warriner, have been appointed to list for sale on behalf of the Reardon family, Worral Creek Aggregation, one of the largest irrigated cotton enterprises in Australia.

Worral Creek represents a collection of seven properties located between Talwaood and Mungindi in the Border Rivers region of Queensland totaling 26,855 hectares (66,360 acres), and including an impressive portfolio of irrigation water exceeding 65,900 megaliters of annual water entitlements.

Ben Craw commented, “It’s worth noting that development across the Aggregation has been funded from its internal productivity and the water entitlements progressively acquired to now represent a water portfolio that would be difficult to recreate.”

Since acquiring Worral Creek in 1990, the Reardon family has strategically amassed seven geographically unique properties into the aggregation, and has pursued a course of development focusing on the four pillars of: water capture, retention, efficiency, and ease of management.

Interspersed by the Barwon and Weir Rivers, the aggregation is understood to be one of the largest row cropping enterprises in the region. Approximately 7,510 hectares (14,110 acres) have been developed to bankless, siphon and spray irrigation with a foundation of excellent water entitlements.

“The unique location of the Aggregation at the confluence of multiple major systems enables the efficient capture of water from various water sources fed by inflows throughout the vast Border Rivers catchment,” said Clayton Smith, JLL. “On-farm storages and up-stream regulated dams are currently at capacity giving the new owner confidence in next year’s production.”

The aggregation is myBMP-certified – representing recognition by Australia’s cotton industry farm and environmental management program for growers that identifies best management practices for Australian cotton production. The operation also was awarded Australian Cotton Farm of the Year for 2015 and the 2017 Meat Standards Australia (MSA) Excellence in Eating Quality Most Outstanding Beef Producer – Grainfied.

“Strategically located within the Border Rivers Region of Queensland, the Aggregation represents a once in a generational opportunity to acquire a multi-award winning, myBMP-certified irrigation enterprise of scale, quality, and reliability,” noted Smith.

As a whole, the aggregation  is expected to produce 75,000 bales of cotton this season, and a further 6,720 hectares (16,605 acres) of dryland acreage enables the production of a range of cereals and legume crops. 

“With over 70,000 megalitres of on-farm water storage, excellent water infrastructure and development, the Aggregation represents one of the most significant irrigated cotton enterprises to hit the market in recent years,” said Smith.

“The level of development that has been undertaken by the Reardon family makes Worral Creek Aggregation a truly standalone turn-key opportunity,” he continued. “The Aggregation’s geographical location coupled with extensive water harvesting, pump down and overland flow entitlements unique to the location of the Aggregation provides exceptionally high water reliability.”

This impressive asset is being offered for sale through an expression of interest on a going concern basis. The sale process will be conducted through two stages – the first seeking non-binding offers by 1600 AEST, Thursday May 12, 2022. A short list of preferred parties will be identified and invited to participate in stage two of the process, which will ultimately result in best and final offers being submitted.

Those looking for more information may contact Ben Craw, managing director at Oxley Capital Partners, at ben.craw@oxleycp.com, or Clayton Smith, director, JLL, at clayton.smith@ap.jll.com. 

Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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