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Agricultural Property Asset No.5 – 112Ha – Two Mango Properties – Mareeba, Queensland
ARK has purchased two horticulture properties located within the greater Mareeba region of Far North Queensland for the total purchase price of $2,200,000 (Horticulture Properties).
ARK drew down on its debt facility with NAB in order to complete the purchase of the Horticulture Properties. The purchase was made therefore with 100% debt capital.
Simultaneous with its acquisition, ARK has leased out the Horticulture Properties for an initial term of 20 years. The starting rent is $264,000 plus GST per annum. This equates to an income yield of 12%. The rent to be earned by ARK automatically rises by 2.8% per year during this 20 year lease period.
Horticulture Property No.1
Horticulture Property No.1 is comprised of a single lot on one certificate of title and has a fence to fence area of 70.36 hectares. Prior to finalising the transaction for Horticulture Property No.1, ARK received a sworn valuation in respect of Horticulture Property No.1 which swore that the value of Horticulture Property No.1 was $1,250,000.
The sworn valuation of Horticulture Property No.1 also makes the following important points:
- Horticulture Property No.1 has been extensively developed as a mango farm with 9,500 mango trees of mixed varieties and contains all required irrigation infrastructure.
- Horticulture Property No.1 is in full production with the youngest mango trees being 7 years old.
- Structural improvements on Horticulture Property No.1 include a 4 bedroom house, 2 bedroom cottage, packing shed and storage shed.
- Highest and best use of Horticulture Property No.1 is that of its current use being mango production.
- Horticulture Property No.1 is located in an established irrigation area with a number of developed horticultural properties growing a wide variety of produce including mangoes, grapes, avocadoes, lychees, tropical fruits and limes.
Location
Horticulture Property No.1 is located within the Mutchilba district and is located approximately 7.5 kilometres by road east of Mutchilba and 29 kilometres by road to the south west of the regional township of Mareeba, Queensland. It is situated within an agricultural area known as the Mareeba-Dimbulah irrigation area and there is a scheme channel which cuts through the south western boundary of Horticulture Property No.1. Irrigation for this scheme is supplied by the Tinaroo Dam east of Tolga.
Water Resources and Irrigation
Horticulture Property No.1 has a 250 megalitre (250ML) regulated allocation from Tinaroo Dam which is supplied via a scheme channel which bisects the south western corner of Horticulture Property No.1.
Horticulture Property No.2
Horticulture Property No.2 is comprised of a single lot on one certificate of title and has a fence to fence area of 42.54 hectares. Prior to finalising the transaction for Horticulture Property No.2, ARK received a sworn valuation in respect of Horticulture Property No.2 which swore that the value of Horticulture Property No.2 was $950,000.
The sworn valuation of Horticulture Property No.2 also makes the following important points:
- Horticulture Property No.2 has been extensively developed as a mango farm with 5,271 mango trees of mixed varieties and contains all required irrigation infrastructure.
- Horticulture Property No.2 is in full production with the youngest mango trees being 6 years old.
- Horticulture Property No.2 contains a vacant undeveloped yet arable area of twenty (20) Ha which is available for future horticulture plantation development.
- Structural improvements on Horticulture Property No.2 include a 2 bedroom 1 bathroom house in good order, a 2 bedroom 1 bathroom cottage in good order, a workers barracks and a large machinery shed.
- Highest and best use of Horticulture Property No.2 is that of its current use being horticultural production.
- Horticulture Property No.2 is located in an established irrigation area with a number of developed horticultural properties growing a wide variety of produce including mangoes, grapes, avocadoes, lychees, tropical fruits and limes.
Location
Horticulture Property No.2 is located within the Mutchilba district and is located 40 kilometres by road to the south west of the regional township of Mareeba, Queensland and 100Km west of Cairns. The small township of Dimbulah is located immediately to the west of Horticulture Property No.2.
Water Resources and Irrigation
There are two water licences which are attached to Horticulture Property No.2 totalling 150ML with this water allocation being sourced from the main irrigation supply channel which fronts Horticulture Property No.2. Water is gravity fed from the main supply channel through an off take into a header dam on Horticulture Property No.2.
