The 2832ha Carnarvon Aggregation, near Mullaley NSW, has been sold to Alkira Farms, a subsidiary of Farmland Reserve- an integrated investment auxiliary of the Utah-based The Church of Jesus Christ of Latter-day Saints.The Weekly Times | 14 April 2025NSW cropping farms sold for $32m-plus to foreign buyer
The investment arm of the Church of Jesus Christ of Latter-day Saints has bought a fourth major Aussie cropping aggregation.
by Tallis Miles
The agricultural investment arm of mighty American investors has taken the value of its Australian farmland holdings up to almost $500m, swooping on a fourth major cropping aggregation.
NSW property records show Alkira Farms, a subsidiary of Farmland Reserve- an integrated investment auxiliary of the Utah-based The Church of Jesus Christ of Latter-day Saints, has paid $32.4m for the 2832ha Carnarvon Aggregation, located near Mullaley, about 40km west of Gunnedah on the edge of the NSW Liverpool Plains.
Listed for sale last September by a private overseas investor, the Carnarvon Aggregation comprises two non-contiguous hubs separated by 7km — the 2173ha Carnarvon holding, consisting of the 1335ha Carnarvon, 540ha Kairi and 298ha Part Tourable, plus the 659ha Dunroamin.
Growth Farms has been retained by Farmland Reserve to manage operations at the aggregation.
“The Carnarvon Aggregation is a well-regarded, traditional grain and cotton growing region, the aggregation of four farms has been managed and developed over the past ten years by Growth Farms,” they said in a statement.
“Under Alkira ownership, the Carnarvon aggregation will continue to be managed by Growth Farms using their well-established approach to achieving superior, sustainable results.
“We look forward to working with Growth Farms. They have a decades-long track record of success that demonstrates their passion for Australian agriculture. We expect to learn a lot from each other as we work together in the years ahead,” Farmland Reserve chief executive Doug Rose added.
The sale is the fourth major transaction of note for Farmland Reserve into Australian agriculture in the last 12 months, which began with the
$350m-plus deal for the 26,885ha Worral Creek portfolio of southern Queensland irrigated and dryland farmland.
In February this year, they also paid $68m for the 5694ha Calrossie Farm, formerly the North Star Aggregation, located 45km north of Moree in northern NSW, transacting with fellow US investors Proterra Investment Partners.
Then the 6020ha Kentucky farms property was added to their holdings, after paying $38m bare to acquire it from ASX-listed Duxton Farms.
While Farmland Reserve is an affiliate of the Church, Farmland Reserve and the Church are separate entities. Farmland Reserve’s earnings support the mission of the Church.
According to the latest estimates, The Church of Jesus Christ of Latter-day Saints owns an investment portfolio worth $US206 billion ($340 billion) globally.
Growth Farms holds more than $800m in funds under management across more than 40 farms owned by 16 clients being a combination of global institutions, family offices and private individuals.
The Carnarvon Aggregation comprises mostly level, black basalt self-mulching country suited to growing a mix of summer and winter crops including cereals, oilseeds, legumes and cotton.
Across the holdings the aggregation had 1764ha of dryland cropping (750ha of wheat and 160ha of chickpeas), plus 156ha of lasered irrigation supported by 1000ML from Cox’s Creek and 850ML of on-farm water storage. There was also a further 108ha under centre pivot.
