GEOFF and Daniel Schell, joint principals of Ray White Rural South Australia, have successfully leased the 225ha ‘Roselynn’, Manoora property to a local farming family.
Over the course of the condensed two week campaign, the rural agents received a flood of interest including over 30 direct enquiries, 10 property inspections and 18 written offers to lease. Mr Geoff Schell said the volume of interest was unprecedented.
“We thought we might have four or five interested groups which is in line with what we’ve historically seen on these types of lease campaigns but we were absolutely blown away with the level of enquiry,” he said.
“There were many more offers than we expected and they were all very strong with sound business plans proposed.”
In the end, the four year lease went to a local inter-generational farming family with a long and successful history of farm ownership and operation in the district. The successful lessees plan to expand their current business and grow a variety of crops including legumes, canola and cereals, however the lessor Mr Chris White retained the grazing rights to the land for his own sheep enterprise which had no negative effect on interest levels.
Mr Schell said the rural real estate market in South Australia has gone from strength to strength over the past few years with many interested parties eager to expand or invest in agriculture.
“Ninety percent of our transactions are one farming family that is expanding their operation much like with ‘Roselynn’ (pictured above) while the other farming family either retires or leaves the industry. But many of our larger properties are getting interest from as far afield as Victoria, New South Wales and even Western Australia,” he said.
“But one change we’ve seen over the last three to five years is the entry of smaller private investors to the market who make up probably about five to 10 per cent of our buyers.
“They are people who are looking to invest in agriculture and lease back to proven experienced operators. They see agriculture investment as having a positive future, often using self managed super funds to invest, but don’t want to handle the day to day management of the property.”
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