South Korean conglomerate Hanwha Group has quickly exited of the Warragundi aggregation in the NSW Mudgee region, selling the 5,800 hectare property for $25 million just two years after its acquisition.
The group supplies solar panels to the renewable energy sector in Australia, as well as involvement in mining services, and had proposed a solar power project for the cattle, sheep, prime lambs, wool, cropping and fodder operation upon purchase, but continued to operate the property as-is.
Its sale, reportedly to an Australian entity with other agricultural interests, includes 2,400 Angus cattle, 2,600 sheep, plant and machinery, and irrigation.
Richard Gemmell from Elders managed the sale.
Less than 18 months after acquiring Warragundi from a local family, Hanwha reassess its agricultural investment down under and put the aggregation back on the market in September.
Warragundi fronts the Cudgegong River and comprises three main holdings. It has about 3,700 hectares of river flats and cultivation country, with 79 hectares serviced by three centre pivots, with an irrigation water entitlement of 1,014 megalitres.
A further 2,020 hectares is open and natural grazing.
Hanwha has about $255 billion in assets, and its international operations include chemicals, energy, aerospace, finance, construction and lifestyle services.