BENGERANG Ltd, the newly named PrimeAg Australia, has contracted to buy the Buster family's Darling Farms property in Bourke, NSW, for less than $40 million.
Bengerang's directors and investors include legendary logistics businessman Chris Corrigan and one of Australia's leading farming entrepreneurs, Australian Food & Fibre executive chairman David Robinson.
While Bengerang directors declined to comment on the deal, a statement from Darling Farms managing director and Buster family in-law, Ian Cole, confirmed the deal.
"The Buster and Cole families of Bourke have reached an agreement with a Moree-based company on the sale of Darling Farms for an undisclosed price," Mr Cole said.
"The sale includes the Darling Farms cotton assets and the North Bourke Cotton Gin. The buyer is an Australian company associated with Australian Food and Fibre Limited, which has extensive interests in cotton farming and other primary production."Sale could lead a charge
Darling Farms, which was banked by Rabobank, includes three adjoining irrigated holdings of 14,676 hectares. It can store 38,000 megalitres of water. Its neighbours, former Clyde Agriculture properties Beemery, Janbeth and Latoka, were sold to Peter Harris for up to $50 million in April.
The farm is the largest cotton operation to be sold this year and will likely trigger other major cotton property vendors to consider selling.
Mr Cole thanked the Bourke community, Darling Farms employees, suppliers, contractors and business associates over the past 50 years.
The Buster family was among the Californian pioneers who came to northern NSW in the 1960s to start Australia's booming cotton industry.
Patriarch Jack Buster died in January and the family decided to pursue other farming enterprises.
BDO corporate finance executive director Margaux Beauchamp has been appointed to sell Darling Farms.