South Korean buyers swoop on Mudgee's Warragundi Aggregation

A South Korean corporation has secured, Warragundi Aggregation, some 5,800 hectares of rural land on the banks of the Cudgegong River in the Mudgee region of New South Wales.

The mixed enterprise property, which consists of cattle and sheep, sold between $20 million and $25 million.

It was bought on a walk in walk out basis. The South Korean buyers intend to operate the farm in its current structure and will retain the existing staff.

The Foreign Investment Review Board approved the transaction through CBRE Agribusiness agent Richard Royle, who negotiated the sale with Logical Livestock's Simon McKittrick.

“I believe the buyers are looking forward to getting to know the region further and working with local businesses,: Royle said on the sale.

"They were attracted to the region for its diversity in agriculture, wine and growing tourism.

'Buying a farm, especially in a foreign country, has its complexities but by purchasing the aggregation as a going concern will ensure they can operate commercially while applying their own strategies as they progress.”

The property sits near the township of Gulgong, around 25 minutes to Mudgee. 

The aggregation offers water access and fodder crops that have maintained a core breeding herd during dry periods. The aggregation includes a range of pastures, including chicory, cocksfoot, fescue, phalaris, ryegrass and clover mix.

Royle says the sale price reflects the strong rural market in NSW despite the dry conditions.

"The vendor and purchaser wish for confidentiality, but I can say that the sale price was in-line with agent and vendor price guide during the marketing campaign which was circa $20-$25million.

The vendors John and Sandra Harding will now concentrate on their horse breeding and Mudgee Machinery business.”