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Faust Family aggregation to hit the market after more than 100 years

Faust Family aggregation to hit the market after more than 100 years

A rare investment scale sugar and beef production opportunity.

A substantial sugar cane and beef production asset with a sizeable water rights portfolio will soon be offered to the market by Expression of Interest closing late April 2019.

The 100 year old Faust Family farming enterprise has resolved to offer their 3,134.14 hectare aggregation to the market, together with 3,119ML of water entitlements. The holding is understood to be the largest in the renowned Proserpine sugar cane growing region in the heart of the Whitsundays.

The Faust family have been part of the Proserpine community since 1895 when the family established the local store. In 1910 they became involved in cattle production and then the family expanded into sugar cane growing. Mr Peter Faust is widely regarded as the man who paved the way for the development of two critical infrastructure projects that ultimately underpinned the growth and prosperity of the Whitsunday region. In the early 90’s the Council, under his leadership, secured government support to establish the strategic Lake Proserpine, which now bears the family patriarch’s name, “the Peter Faust Dam”. It is also understood that Mr Faust was the man who convinced the late Sir Reginald Ansett, then owner of Hayman Island, to invest in the development of the Proserpine airport, now known as the gateway to the Whitsundays.

 

“Our farm has provided opportunities for multiple generations of our family and I am very proud of what we have achieved in agriculture”, said Mr Faust. “I am equally proud of what my children have achieved outside of agriculture and the time has come for them to focus on those interests and their families”.

Elders has been entrusted to manage the sale process, which is being undertaken by Tom Russo (National General Manager Real Estate) and experienced Whitsunday farmland expert, Rob Murolo (Rural Property Sales Specialist).

“It is unprecedented for a farming enterprise of this scale and quality to be offered to the market in the Proserpine district” said Mr Murolo. “It is certainly an exciting opportunity that will attract much interest in the local market and further abroad”.

“Given the scale of the asset, we are anticipating that large private operators, corporate farmers and investment funds will participate in the expression of interest process” said Mr Russo. “The substantial water portfolio, coupled with the Faust family’s investment in water infrastructure and sustainable farming initiatives, will be a feature of particular interest to many investors”.

Key features

  • Highly productive 3,134.14 hectare (7744.62 acre) land holding in the renowned Proserpine region
  • Ten individual titles
  • Water security through a significant water rights portfolio totalling 3,119ML
  •  Extensive water infrastructure (including underground irrigation throughout) and storage
  • Water drawn from on-farm storage, bores, Kelsey Creek Scheme, Proserpine River and overland flow
  • Significant land improvement, including water harvesting, drainage and reuse initiatives
  • High quality soil types ideally suited to sugar cane production or other high value horticultural use
  • Current cane production area of 1132.14 hectares
  • A further 800 hectares cleared and suitable for cane production
  • Cane sale agreement in place
  • Close proximity to the Proserpine Sugar Mill
  • Extensive rail access for harvesting, including on-farm sidings
  • High quality pastures with ongoing improvement program investment
  • Carrying capacity of 500 breeders plus followers
  • Close proximity to the Bruce Highway and Whitsunday regional airport
  • Extensive plant and equipment, including overhead irrigation
  • Excellent farm manager available for continuing role

For further details, please contact:

Tom Russo
Elders Real Estate General Manager
0409 873 837
tom.russo@elders.com.au

Robert Murolo
Rural Property Sale Specialist Whitsundays
0418 799 934
robert.murolo@elders.com.au

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