Community & Business
17 September, 2024
Three Arriga avo farms hit the market
THREE avocado farms at Arriga boasting nearly 99 hectares of high-quality avocado orchards, workers’ accommodation and significant water entitlements, have hit the market.
The three freehold properties produce Hass and Shepard avocadoes and are being offered for sale by Colliers on behalf of Receivers and Managers from EY.
The properties are owned by Ceres Sustainable Avocados Pty Ltd, which was a part of Sydney-based investor Sam Mitchell’s Wealthcheck’s portfolio. The properties were purchased in November 2021.
The three properties, known as “Stanton Road”, “Smolko” and “Stornelli”, make up what is being called the “Paddys Green Horticulture Portfolio” which involves a total of 169.28 hectares (418.29 acres).
Colliers national director Duncan McCulloch said the properties offered “a significant opportunity for an astute buyer, offering over 18,000 avocado trees in a world-renowned growing region”.
“The Paddys Green Horticulture Portfolio offers the incoming purchaser an existing well-developed avocado orchard enterprise with further expansion and development potential,” he said.
“Worldwide, avocados are a fruit in high demand, known for their health-boosting qualities, with Australian avocados revered for their rich, creamy flavour and superior quality.
“With an exploding middle class in Asia, the Australian avocado industry is ideally located on the doorstep of lucrative export markets.”
Stanton Road is located at 121 Stanton Road, Arriga and is a 81.27ha landholding that, according to Colliers, has been well-developed and planted with 56.28ha of Hass and Shepard avocados complemented by an additional 10.35ha of further developable land and excellent fit-for-purpose infrastructure and structural improvements.
Smolko is located at 144 Bower Road and is a 56.23ha property that has 20ha of Hass and Shepard avocados and benefited by an additional 22ha of further developable land.
Stornelli is located at 1506 Mareeba-Dimbulah Road and is a 31.78ha landholding that is planted with 22.5ha of Hass and Shepard avocados.
The properties are underpinned by significant water entitlements totalling 466 megalitres and quality water delivery infrastructure.
Colliers Agribusiness executive Nicholas Warmington said a combination of increasing demand for food security and consumer appetite for healthy foods underpinned strong growth in commodity prices and agricultural land values.
“While the current focus of these properties is on avocado production, there is potential for further expansion into other crops or purposes with 32ha of land with future development potential,” he said.
“This is a rare opportunity to secure a strong asset, with the three properties offered for sale together or separately through an expressions of interest process.”
Colliers Managing director Cairns Stacey Quaid said the properties also featured excellent accommodation facilities for workers.
“The three properties also boast outstanding accommodation amenities and are approved by Jobs Australia for 52 workers, presenting a significant rental income opportunity while enabling workers to reside on-site,” she said.
The Paddys Green Horticulture Portfolio is being offered for sale through expressions of interest which close on 17 October.
