$33m windfall for locally-owned acreage

Torquay-based businessman Paddy Handbury has flipped a South Australian land aggregation for more than $33 million.

The 2852-hectare Saltbush Ag site was split up and sold to five local buyers after the Handburys chose to offload the asset they had owned for about 27 years.

The land was primarily used for broadacre cropping as well as for prime lamb production.

Ray White Rural South Australia principals Geoff and Daniel Schell brokered the deal in recent weeks after the properties had gone on sale in November last year.

“It was such a great opportunity to invest in such a well-managed and large-scale farming operation in this highly regarded region of South Australia,” Geoff Schell said.

He said the sale followed about 20 inspections and, the agency had received 19 written expressions of interest to purchase.

“The result is no surprise to us as the Booborowie-Leighton district is so highly recognised for its suitability and flexibility to broad enterprise options including growing cereals, oil seeds, legumes, hay production, prime lamb and wool production.”

Mr Handbury’s local business interests includes being the developer of Torquay’s The Sands resort.