The Ferrero Group has Listed adjoining Riverina farms five years after planting some million hazelnut trees over part of it. The Italy-based group behind Nutella will abandon the operation, raze the shrubs and offer the 2665 hectare Narrandera site as a vacant agricultural asset.
With 11,361 megalitres of water entitlements, offices, sheds, residential accommodation and significant infrastructure, it can expect more than $80 million. Purchased as an import replacement opportunity, it was hoped the Narrandera property could yield some 5000 tons of kernel hazelnuts a year.
The group stated: "This is a unique opportunity in an attractive agricultural region that is appealing to corporate and institutional investors —particularly for large scale development.”
Source: realestatesource.com.au