The conversion of thousands of hectares of Queensland sugarcane farms into greenfield macadamia orchards is driven by the opportunity to generate large profits in the coming years.
Entrepreneur Dyson Bogg has raised around $30 million for his two-year-old start-up M-Nut, which is in the process of converting hundreds of hectares of former sugarcane and banana farms into greenfield macadamia orchards.
“The next wave of significant investment is coming from institutional style investors, who are gaining confidence in the sector,” he said in an interview. Bogg’s latest acquisition is a 514.4 ha former sugarcane property on the southern bank of the Kolan River in Bucca, west of Bundaberg, that he purchased for over $9 million from banana growers the Mackay family.
“We want to build a long-term scale macadamia business,” Bogg said. “The sector has all the good tailwinds including increasingly recognized health benefits and being a good part of diets, plus it’s a premium-priced nut.”
Source: commercialrealestate.com.au