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. The development of an additional 579 ha of irrigated area and a 2,500 megalitre (ML) water storage is expected.
RFM is currently operating the property until a long-term lessee is secured.
In August 2020, RFF contracted to acquire 21 cropping farms totalling 5,409 ha, currently used for sugar cane and 8,060 ML of water entitlements. RFM intends to progressively convert the farms to approximately 2,200 ha of macadamia orchards, with a substantial portion of the remaining area to be used for cropping. First plantings are expected to commence late FY21.
Approximately 25% of the farms are leased by private farming operations at rates consistent with RFF’s other natural resource predominant assets and RFM are seeking to lease the balance of the farms which are currently operated.
|Lynora Downs||Arcadia Valley, central Queensland||Cotton and cropping||4,880 ha|
|Mayneland||central Queensland||Cotton and cropping||2,942 ha|
|Maryborough||central Queensland||Cropping||5,409 ha|
1Number of properties and forecast FY21 rent includes Maryborough properties (expected to settle Oct 2020)