PROMINENT Mungindi-based farmer and grazier producer Malcolm Harris is believed to be the buyer behind a sale that has raised close to $200 million for 45,000ha of grazing and cropping country in north-western New South Wales.
While Beef Central was unable to confirm details of the sale, several independent sources have put forward his name and the price paid.
The 44,846ha Netherway and Wingadee were offered to the market in 2023 as part of the Bell family’s Australian Food & Agriculture Co – one of the largest diversified agricultural portfolios in the state.
The two properties are situated on the Castlereagh River north of Coonamble. Netherway is fully developed to dryland cropping, while Wingadee is a grazing and cropping property.
Purchased in 2011 by the Australian-owned investment company from Clyde Agriculture, they were anticipated at the time (14 years ago) to raise upwards of $56m but eventually transacted for close to $50m.
Australian Food & Agriculture is one of the state’s most significant primary producers with three livestock and cropping operating hubs in in the Coonamble, Deniliquin and Hay districts.
The business was established by the late Colin Bell in 1993 with the acquisition of the Burrabogie Station and is two-thirds owned by Bell Group Holdings Pty Limited, a private Australian company held by members of the Bell family and Alastair Provan.
After 30 years of investment, AFA, which spans 225,405ha across 13 properties, was listed for sale in September 2023.
A year later, the NASDAQ-listed and Cayman Island incorporated Agriculture & Natural Solutions Acquisition Corporation (ANSC) announced plans to acquire the portfolio for $780 million.
However, in a document released to the US Securities and Exchange Commission in April this year, ANSC announced the ‘termination’ of the agreement by ‘mutual consent’.
While no explanation was provided, it is understood the impact of broader market instability and volatility in capital and debt markets caused the deal to collapse.
The remainder of the AFA portfolio spanning 180,495ha remains available for sale.
The Deniliquin group of properties span 122,935ha and comprise the original FS Falkiner & Sons property aggregation including the Wanganella and Poll Boonoke Merino sheep studs, among the most highly regarded studs in Australia.
This aggregation is primarily centred on sheep and cattle breeding and grazing, with irrigated and dryland cropping as water availability permits.
The 57,624ha Hay properties – Burrabogie, Mulberrygong, Kolora and Wahwoon – are located on the Murrumbidgee River to the east of Hay.
In conjunction with extensive grazing activities, the properties undertake substantial irrigated cropping program, including rice, cotton and winter cereals, over 11,000ha using 54,693ML of water entitlements from the Murrumbidgee and Murray River systems, as well as bore water.
Malcolm Harris and family’s Cleveland Agriculture
Mr Harris and the family’s Cleveland Agriculture operate extensive irrigated and dryland cropping and grazing operations across four states and territories.
In 2023, Mr Harris paid $107 million walk-in walk-out ($75m bare) for the 4572sq km Brunchilly Station on the Northern Territory’s Barkly Tablelands.
He also owns the adjoining 5000sq km Rockhampton Downs, due east of Brunchilly, creating a colossal Barkly breeding footprint of around 10,000sq km.
Other Harris holdings in the NT include the 245,550ha Ucharonidge near Elliott and the 370,000ha Gogo Station in the Kimberley region of Western Australia.
In 2018 Cleveland Agriculture purchased the 852,000ha Nockatunga Station, widely regarded as one of Queensland’s best bullock depots in the Channel Country for around $50m WIWO.