Unique, fully leased horticulture enterprise on NSW mid-North Coast on the market
AUSTRALIA 20 October 2022 – The established horticulture enterprise Bowraville Blueberries near the township of Bowraville within the tightly held Mid-North Coast region of New South Wales has been announced for sale by JLL.
JLL’s Directors – Agribusiness Chris Holgar and Clayton Smith, along with colleagues James Mitchell and Jock Grimshaw have been appointed to sell the property by Expression of Interest, closing Friday 25th November.
JLL’s Chris Holgar said the sale provided a rare opportunity to acquire an established and unique permanent horticulture enterprise, with a long-term lease agreement partnered to a committed co-operative and international marketing group.
“Bowraville Blueberries is ideally situated in the Mid-North Coast region of New South Wales, and has been thoughtfully developed to a high standard, representing a mature permanent horticulture enterprise with a committed lease till 2032,” he said.
“Over a total land area of 11.87 hectares, the property has historically produced a mixture of summer and winter varietal blueberries for domestic markets. In addition, ongoing investment has been a feature with the recent development of an upgraded water storage dam and re-establishment of various summer and winter blueberry varieties in line with current market trends.”
Bowraville Blueberries is fully leased until 2032 on a triple net basis (commencing rent of $400,000 per annum), with the tenant partnered with the established and large grower co-operative Oz-Group, through which a partnership with the international marketing group Driscoll’s Berries exists.
The property features a favourable balance of land and soil types suitable for high value tree crops, primarily blueberries, as well as reliable water resources including access to a spring-fed 12 megalitre water storage, has a well-developed overland flow catchment design with associated overland flow licence, and a bore allocation.
JLL’s Clayton Smith added: “The property was purchased in 2015 by the current owners as a grazing property, and they recognised it as having the potential and suitability as a horticultural asset. Since then, significant capital has been invested in its development in a higher value crop base; this was particularly insightful as the property is based within one of the few regions in Australia suitable to produce blueberries.”
“Today there are some 21,500 established blueberry plants all under netting, with the capacity to produce approximately 50,000-60,000 trays annually. All blueberry plants on-farm are now producing at a commercial capacity and vary depending on seasonal variety,” he said.
“In addition, an agreement exists with a local beekeeper to have 30 beehives throughout the property, promoting continual pollination of the blueberry plantation in the flowering stage.”
Smith said he expected interest to come from existing industry producers and private investors seeking exposure to the primary production sector on a uniquely passive basis.
The Property is offered for sale by Expression of Interest closing Friday 25th November 4:00pm (AEST).
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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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.