Borg brothers add to farming empire as Macneils sell after 92 years
John and Michael Borg, founders of Central Coast-based manufacturing and recycling giant Borg, have added to their farming empire after emerging as the buyers of Glendower, a prime grazing property between Orange and Bathurst that gold miner Regis Resources offloaded for $20.5 million in October last year.
Title records show the Borg brothers’ subsidiary, Plantation Pine Products Australia, is the new owner of the 1393-hectare property at 70 Callans Lane, Vittoria, in the NSW Central Tablelands.
Glendower was owned by ASX-listed Regis Resources for just four months, during which time it secured an easement allowing a high-voltage power line to run through the farm to its proposed McPhillamys open-pit gold mine.
Regis paid $22.5 million and $1.222 million in stamp duty to acquire Glendower in July last year, and then sold it to the Borgs for $20.5 million.
It is the second major grazing property acquired by the Borgs in less than two years. In July 2021, they bought the 5800ha Warragundi mixed-farming aggregation in NSW’s Mudgee region for about $25 million.
Property records show that through Plantation Pine Products, a timber harvesting business, the Borgs have accumulated a large agricultural portfolio of about two dozen properties. They include a 740ha farm at Euchareena, north of Orange, acquired for $12.8 million in February last year.
While they failed to make it onto the Financial Review Rich List, a report by The Australian last year said they were worth a combined $737 million, down from $776 million in 2021.
Borg employs more than 2000 people across 11 different businesses that undertake a range of enterprises, including manufacturing of melamine panels and pallets, the design and construction of factories, workplace training, recycling and timber growing.
The latest accounts lodged with the Australian Securities and Investments Commission show Borg Manufacturing generated revenue of $861 million for the 12 months to June 2022 and profits before tax of $119 million.
Another Borg entity, Red Dot Holdings, generated revenue of $230.5 million and profit before income tax of $23 million over the same period.
Alongside their expanding agricultural investments, the Borgs also own the Gosford Classic Car Museum on the Central Coast.
The Borgs did not respond to a request for comment.
While the brothers have been amassing a substantial farming portfolio, the long-term farming Macneil family is offloading one of the NSW Southern Riverina’s premier mixed-farming portfolios, the Green Park aggregation, which it has been accumulating since 1931.
The offering of the 2868ha aggregation 12 kilometres west of Rand, follows the passing of well-known Rand farmer Angus Macneil, who held many senior positions in the agricultural sector.
Mr Macneil also guided the political career of Farrer federal MP and former cabinet minister Sussan Ley. He died in October, aged 80.
The Green Park aggregation comprises the properties Green Park (the largest, at almost 1400ha), Romani, Burnleigh, Karimba and Moolah. It is renowned for its production of quality cereal, legume and oilseed crops, as well as prime lamb and wool production.
Price expectations for Green Park are more than $35 million. Nick Myer, Matt Horne and Henry Mackinnon from Elders and Roger Bramley of Paull & Scollard Nutrien Ag Solutions are selling the aggregation via expressions of interest. It can be purchased in individual lots or as a whole.
Included in the sale is the original four-bedroom homestead, and two staff cottages.
