‘Warroo Orchard’ is a 185.5 hectare* property in Southeast Queensland, and brand called “The Good Rich Fruit Company”. The vendor had been instrumental in cultivating and expanding the Queen Garnet Plum, an extraordinary fruit that has captured the hearts and taste buds across Australia. Recognising the importance of finding the right successor, the vendor appointed Colliers Agribusiness, an established name in the world of horticultural and rural property transactions. The vendor knew that the unique location and the challenges it presented required a strategic approach to ensure a successful sale with a national firm with expansive reach.
With the orchard land area on separate title and located within the bounds of the much larger Warroo Station it was identified early the need to establish clear ownership and access. One major activity involved creating easements to the critical irrigation water supply. To mitigate any potential environmental or legal concerns, the vendors worked closely with the agency team to provide full disclosure and realign title boundaries to eliminate risk.
Additionally, since this was the first time an orchard of this type had come to market, no one could predict how the industry would respond to this extraordinary offering.
Colliers Agribusiness devised a meticulous marketing strategy, tailored specifically to target investors well-versed in the horticultural fruit and tree crop market. The other strategy was to work with the vendor to identify potential upside for the purchasers through identifying expansion opportunities from the initial agreed area, and to provide the buyer with suitable land to expand on.
In June 2022 the property first went to market through an expression of interest (EOI) process. The contract was exchanged in January with settlement in May 2023. Due to the unique status and production of ‘Warroo Orchard’ along with sale being initially offered as Walk-In, Walk-Out (WIWO), due diligence processes were extended to allow all prospective interests to conduct substantial inspections and complete appropriate process.
The property was bought by Gunn Agri, who recognised the immense potential of the land, water resources, Queen Garnet Plum orchard, and the fixed infrastructure. In a wise move, the buyer agreed to lease the property back to the vendor for seven years, allowing both parties to reap the benefits of the flourishing Queen Garnet Plum market and the work by the vendors in reaching higher production levels.
Reflecting on the journey, the vendors expressed their gratitude for the collaboration with Colliers.
“Colliers were crucial to ensuring we were able to gain maximum value in the sale of our family business. By guiding us to establish the ideal offering, connecting us to the right people, supporting our negotiations, and providing top quality marketing, Colliers were instrumental in providing a successful outcome for us”.
Vendor: Bim Goodrich & The Good Rich Fruit Company Pty Ltd
Purchaser: Wollemi Farms Pty Ltd (Investment platform managed by Gunn Agri Partners) Dutch based Kempen
Price to remain undisclosed.