Millennials’ dream: property with 14,000 avocado trees sells for over $14 million
It was a smashed avo loving millennial’s dream.
A 117ha avocado farm in northern NSW has sold for more than $14 million after attracting strong interest from buyers wanting to secure a steady supply of green and gold.
The farm in Mountain Top near Lismore, known as Mountain Top Orchards, included 14,398 Hass avocado trees ranging in age from six months to nine years.
The property sold through an expressions of interest campaign with LJ Hooker-Lismore agent Geoff Venn to an agricultural assets management and farming group.
Mr Venn said it was a popular property and there were close to 160 buyer inquiries.
“We saw great interest across the board from mum and dad investors, other farmers and district buying groups to even those working in the food space industries wanting to secure their own supply of avocados,” he said.
The owner had started the orchard from scratch and it was set over two titles. The property includes two homes with a total of five bedrooms and DA approval to add a third dwelling.
The farm boasts a 187meg irrigation licence and 10meg bore plus harvestable rights. The sale also includes an extensive list of machinery and equipment.
An on-site nursery used for grafting avocados provides additional income.
Mr Venn recently sold another avocado property in nearby Kyogle and said there was huge interest.
“You don’t really see avocado farms come up onto the market, it is usually macadamia farms but avocados can be quite profitable,” Mr Venn said. “While they can be tougher to grow and a bit more fickle they certainly sell, we all like our smashed avocado.”
The owner of the Mountain Top farm wasn’t initially looking to sell, Mr Venn said, adding that he only decided to list after the agent knocked on his door.
“We chatted for more than an hour … he wasn’t interested in selling,” Mr Venn recalled. “A little while after that I received a phone call to come out – they had changed their minds.”