Rural giant offered for sale: Paraway Pastoral hits the market
Mundagal shearing, near Hay. Image: Paraway Pastoral Company
By Krista Schade
The vast agricultural empire of Paraway Pastoral Company is set to change hands.
Macquarie Asset Management (MAM) has confirmed plans to sell the company, a move that will undoubtedly send ripples through the Riverina and beyond, given Paraway's significant footprint in Southern NSW.
After 18 years under Macquarie's stewardship, this multi-billion dollar divestment is poised to be a landmark event for the rural property sector, with early indications suggesting Macquarie is seeking a single buyer for the entire integrated operation.
For our region, this sale is particularly pertinent. Macquarie's journey with Paraway began in the Riverina in 2007, acquiring regional land before expanding its holdings across the country.
Paraway Pastoral Company's presence in New South Wales is substantial, particularly in the southern and western regions of NSW. The company strategically divides its operations, with a dedicated ‘southern’ region encompassing properties in southern NSW and Victoria, and a ‘cropping’ region focused on Western NSW.
Within southern NSW, Paraway's portfolio includes prominent stations such as Mungadal at Hay, Cooinbil near Carrathool, Steam Plains off the Cobb Highway via Conargo and Jerilderie’s Pooginook.
These properties contribute significantly to the region's livestock production, with Paraway managing a substantial sheep enterprise across its holdings, boasting a carrying capacity of over 220,000 sheep nationally. Annually, the company produces 1.46 million kilograms of wool and sells 170,000 sheep.
Mungadal is managed by Jock Campbell, Steam Plains is overseen by manager Callum McLean, and Andrew Glover manages at Pooginook.
The divestment comes at an interesting time for the rural property market in Australia. While farmland values saw a 6 percent decline nationally in 2024, particularly impacting grazing land, experts suggest that high-end values may remain resilient due to strong vendor balance sheets.
The outcome of the Paraway sale will serve as a critical barometer for large-scale agricultural investment, potentially influencing future confidence and activity in the region's land market.
Paraway has been a leader in sustainable agricultural practices, committing $75 million with the Clean Energy Finance Corporation (CEFC) to reduce its methane intensity by at least 30 percent by 2030. This commitment, which includes trialing new technologies and sharing progress with other producers, highlights a forward-thinking approach that could set new benchmarks for environmental stewardship in our local farming practices.
As Macquarie Asset Management prepares to conclude its long tenure, further details are expected after the upcoming Macquarie annual general meeting.
