Lynora Downs is a 4,880 hectare (ha), central Queensland. The property is located at the northern end of the Arcadia Valley.
RFF purchased the property in December 2016 and it is leased for five years, with a five year option, to Cotton JV.
This acquisition added a new commodity to RFF’s portfolio, and supported its climatic diversification strategy. While this was RFF’s first major cotton acquisition, RFM has been growing cotton in the Riverina region in New South Wales since 1998.
RFF is funding the lessee to develop an additional 400 ha of irrigated area and 4,142 ML of water storage. This additional expenditure will accrue rent for RFF.
In August 2018, RFF contracted to acquire Mayneland, a 2,942 ha cotton property located in central Queensland. The property has 531 ha of irrigated area and 1,757 ha of dryland area. Included with the purchase is 11,234 ML of water entitlements, of which a significant portion is unutilised. A development of an additional 579 ha of irrigated area and a 2,500 megalitre (ML) water storage is expected.
RFM will operate the property while an independent party runs a process to select a long-term lessee.
|Lynora Downs||Arcadia Valley, central Queensland||Cotton and cropping||4,880 ha|
|Mayneland||Central Queensland||Cotton and cropping||2,942 ha|
^Lease expiries weighted by forecast FY19 rental income