POTENTIAL buyers for the $300 million aggregation, Carrington Farms, have moved to the due diligence stage, with both local and offshore interest.
That is according to Falcon Corporate Advisory executive director David Wells.
While he declined to say just how many interested parties there were, Mr Wells, whose firm is advising the vendor, said: "I can certainly say we are very pleased with the interest in the property. We have a number of parties undergoing due diligence."
The Australian reports that with an asking price of $300m-plus, it would be the biggest rural property sale since Stanbroke Pastoral was sold for $490m in 2003. Mr Wells said final offers would be submitted by the end of this month.
Carrington Farms, owned by the Marchant family, covers 57,370 ha across 16 properties in the Goondiwindi region on the NSW-Queensland border.
It has licences to store 85,000 megalitres of water in 29 dams.Mr Wells said Carrington had had a very successful cotton season.
"Carrington were very pleased with the yields and the quality of the cotton this year," he said. "They have some good recent rains so they are also looking for a good winter cropping season."
The interest in Carrington is in marked contrast to Cubbie Station, further inland at Dirranbandi. Cubbie Station, which was valued at $450m last year, has been on the market since last September.
It was placed in administration last October after its banks called in $320m in loans on the 93,000ha southern Queensland irrigation property.
For the full story go to The Australian.
