Less than a year after purchasing the prestigious 6558-hectare Jamea aggregation, its Melbourne investors have put it back up for sale, expecting a windfall gain of over $11.59 million.
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An hour's drive west of Dubbo at Dandaloo, the 16,205-acre aggregation was accumulated over 27 years by the Broughton family and sold for about $20.8 million or $1285 an acre last year.
Ray White Dubbo agent Brian McAneney said the new vendors expected "buyers to be active above $2000 an acre", the equivalent of $32.4m.
CoreLogic records show Jamea was sold to Orana Agriculture on June 30, 2021, but only settled in January this year.
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Asked about the reason for the quick divestment, the investors would only say their fund had changed direction.
Expressions of interest close on July 12 and Ray White Dubbo agent Brian McAneney said he'd already fielded a swathe of enquiries from large family and corporate investors.
Jamea has the infrastructure, including 38 paddocks, water, shearing sheds and yards for a mixed enterprise.
The Broughton family had been producing prime fat lambs and trade steers, fattening about 6000 crossbred lambs and 1500 steers at Jamea in most years.
While the manager remained after the sale, it's since been exclusively cropped. The prospectus shows a long-term average yield of 2.5 tonnes a hectare of prime hard wheat.
Jamea has traditionally grown a mixture of wheat, barley, chickpeas, lucerne, oats and canola in a winter crop rotation and sorghum in summer when conditions were suitable, Mr McAneney said.
About 93 per cent of the aggregation is arable and about 2000ha of winter crops will be sown, although wet conditions had delayed planting.
The land is level to slightly undulating and the soils are grey self-mulching, cracking grey loams, and rich red loams.
The land had a high water-holding capacity and was "properly wet" at the moment, though a spell of dry weather had allowed sowing to resume.
The long-term district average rainfall of 480 millimetres is augmented by a bore and an 85-megalitre high-reliability licence securing water for stock.
Accommodation includes a six-bedroom homestead and three residences.
Call Mr McAneney on 0417 277 424.
Marian Macdonald
Writing for farmers in the Stock & Land, The Land, Queensland Country Life, Stock Journal and FarmWeekly, farming in Gippsland.
Writing for farmers in the Stock & Land, The Land, Queensland Country Life, Stock Journal and FarmWeekly, farming in Gippsland.
