Record price paid for iconic WA farming property Erregulla Plains

PHOTO: Erregulla Plains has changed hands after 70 years in the Smart family. Supplied: Ray White

An iconic farming property at Mingenew has been sold for more than $97 million to a corporate cropping investment business — one of the biggest rural sales in Western Australia’s history.

Key points:

Erregulla Plains, about 380km north of Perth, is known for its optimal soil health, high yield potential and reliable rainfall
Market experts say the sale is another example of large amounts of foreign capital seeking exposure to cropping land
The farm had been with the Smart family for three generations, playing a strong role in agricultural innovation

Formerly owned by Stuart and Cherie Smart, Erregulla Plains, which spans more than 22,000 hectares in the Midwest region, has been acquired by Daybreak Cropping.

Known for its optimal soil health, high yield potential, reliable rainfall and enviable lime and fertiliser history, the farm went under the hammer for about $4,400 per hectare.

Daybreak was formed as a partnership in 2016 between Warakirri Asset Management and Canada’s Public Sector Pension Investment Board.

Chief executive Will Heath said the business was pleased to have an asset of Erregulla’s quality in its portfolio.