Blue-chip cotton enterprise under contract after being held in one family for 100 years
JLL together with Nutrien Harcourts, marketed ‘Parkdale Aggregation’ located in the highly productive farming region of Goondiwindi
SYDNEY AUGUST 07, 2020 –A cotton enterprise in one of Australia’s leading cotton producing regions of Goondiwindi, situated on the border of New South Wales and Queensland is under contract.
The Parkdale Aggregation straddles the Newell Highway, 15 kilometres south of the vibrant Border Rivers township of Goondiwindi, located in the heart of the fertile Whalan Creek floodplain.
JLL’s Agribusiness Director- Clayton Smith in conjunction with Nutrien Harcourts Andrew Jakins were appointed to sell the Parkdale Aggregation on behalf of the sole owner and local identity Wally Taylor, via an Expressions-of-Interest campaign, that closed on the 31st of July 2020.
Mr Smith said, “A strong response to the advertising campaign was evident with more than 40 parties showing interest and a culmination of eight formal offers received by close of the Expressions-of-Interest process. We had interest from every sector with offers coming from both corporate and the private domestic sectors.”
“It was a close decision in the end with three outstanding offers for the whole aggregation. The aggregation was sold Bare of Plant and equipment with approximately 1300 hectares of growing winter crop included and will now settle in September before the coming cotton season,” Mr Smith said.
Mr Smith said, “The rare opportunity to secure a large Border Rivers Irrigation Entitlement was attractive to irrigators and investors alike. We saw practicality win the day as the water entitlement underpinned the overall asset considerably.”
Whilst both the buyer’s identity and eventual sale figure are confidential the agents confirm that the vendors price expectation was achieved.
Mr Taylor has confirmed he is happy that the aggregation will stay as a whole and is looking forward to scaling down to concentrate on other more passive investments. Agents confirm a major online machinery dispersal sale will now be conducted in September. A full list of plant and equipment is being prepared for the forthcoming spring sale.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.