ASX-listed organic dried fruit producer Murray River Organics has put its remaining seven horticulture properties up for sale, two months after going into receivership.
More than $15 million is expected for the aggregation in Mildura.
Colliers’ Duncan McCulloch and James Beer have been appointed by receivers KPMG to sell the portfolio, comprising seven individual properties, six of which have been developed to permanent plantings, with the seventh property utilised for grazing and cropping.
Included in the portfolio are the Merbein Aggregation, comprising five individual properties across 89.43 hectares at 75 Alkira Road, Yelta, 45 Quandong Avenue, Merbein, 96 Honour Avenue, Merbein West, 393 and 459 Cowanna Avenue, Merbein and 309 Cowanna Avenue, Merbein South. There is 78.2 hectares planted to dried vine fruit.
Also for sale are the 382.57-hectare Yatpool West Road property in Carwarp, planted to 75.50 hectares of dried vine fruit, with other areas of table grapes and wine plantings not currently in production, and Brownport Road in Nangiloc, spanning 2,508.97 hectares with 112.70 hectares under centre pivot and 2,396.27 hectares of cropping and grazing land.
“We expect the smaller holdings will be sought after by local farmers, with interest in the other assets from small to large fresh produce companies, and dryland farming operators in particular for the property at Nangiloc,” McCulloch said.
“Given the scale of the offering, scarcity with which these sorts of properties are offered to market, and the development upside available to an incoming purchaser, we also expect there to be strong interest amongst portfolio buyers.”
Beer said the portfolio represents a “great opportunity for purchasers to acquire productive permanent planting assets with access to irrigation water and quality infrastructure”.
“Mildura is well-known for horticultural pursuits and given the unique attributes of the opportunity, we expect the sale will generate significant interest.”
The portfolio is being offered for sale in one line or as separate properties via expressions of interest closing 31st May.
Murray River Organics was placed in the hands of receivers and administrators Grant Thornton in February, just a few days after CEO and managing director Birol Akdogan said at the group’s annual general meeting that trading results had been disappointing and sales targets optimistic. It launched 30 new muesli, confectionary, fried fruit and nut products to the market in FY21 and branded product sales were up 24%, but it also recorded a 25% decline in a low margin private label contract.
