Italian confectionery company Ferrero is set to offload its major Riverina aggregation Dellapool, which is being offered with 11,361 megalitres of ground water and surface water entitlements.
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Ferrero, the maker of globally marketed products including Nutella, Ferrero Rocher and Kinder Surprise chocolates, is selling the institutional grade investment through CBRE by an expressions of interest process that is expected to attract offers of more than $80 million.
Located 14 kilometres south east of Narrandera, the 2666-hectare (6588 acre) property offered by Ferrero subsidiary Waratah Land has 1950ha (4819 acres) of irrigation land suitable for permanent plantings.
Dellapool had been planted with hazelnut trees. Ferrero also sources hazelnuts from plantations across the globe.
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John Harrison, CBRE's Pacific Head of Agribusiness, said Dellapool was an attractive agricultural region that would appeal to corporate and institutional investors.
"Particularly for large scale development assets with extensive river frontage and significant water entitlements," Mr Harrison said.
"The Dellapool aggregation has been extensively developed with state of the art irrigation infrastructure, enabling flexibility in the potential production of various permanent horticulture plantings."
Dellapool's water entitlements include:
- 2723ML Murrumbidgee Regulated River (high security).
- 4627.5ML Murrumbidgee Regulated River (general security).
- 167.5ML Murrumbidgee Regulated River (supplementary).
- 3815ML Mid Murrumbidgee Zone 3 Groundwater.
- 28ML Murrumbidgee Regulated River (stock and domestic).
The property also has significant irrigation and filtration infrastructure with about a 500ML capacity on-farm storage dam.
Extensive structural developments include offices, accommodation and shedding.
Expressions of interest close with CBRE on November 23.
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