The farms and operating business of Australia’s biggest banana grower, Mackays, have been put on the market. IT might fetch as much as $180 million to resolve succession planning issues after the interests of the owning family diverged too much for it to stay in charge of the operation.
The nine farms spread across the Tully and Lakeland regions of Far North Queensland span 5861 hectares and combined produce 13 per cent of the national banana crop.
Since the first banana plantations were planted in 1945, successive generations of the Mackay family have continued to grow the business, which now employs more than 500 people, generates annual revenues of $75 million and has expanded into avocados, papaya, coffee, lychees, cacao and beef production.
Almost 1200 hectares are planted to permanent crops, including bananas, 2407 hectares are used for irrigated and dryland cropping, and 1219 hectares are used for grazing. The portfolio offering includes 10,830 megalitres of water entitlements.
JLL’s Agribusiness team of Chris Holgar, Geoff Warriner, Clayton Smith and Jock Grimshaw have been appointed by Mackay Farming Group to sell the portfolio by expressions of interest.
Source: commercialrealestate.com.au