One of the state’s biggest olive farm, representing more than one in every six commercially-cultivated trees, has been put on the block.
Owned by the Letari family the plantations have 260,000 trees across two properties in Frankland River and Gingin.
A subsidiary of the family’s Toscana (WA) property business, which is a big holder of industrial land in Welshpool, Frankland River Olive Company trades under the Jingilli extra virgin olive oil brand.
Both plantations are understood to have started life in late 1990s or early 2000s as commercial developments funded as tax-effective managed investment schemes.
Listed for 10 years, Frankland River Olive Company was privatised in 2016 by Mr Letari who chaired the company’s board, was the major stakeholder and had funded its working capital requirements.
With rising international olive oil prices as a backdrop, the properties are being marketed by Garland International and Bellcourt Property Group.
Garland International principal John Garland said the 1,360-hectare Gingin property, which has 160,000 trees, had all the required infrastructure, water rights and available land to double the planation size.
The olives from the properties are understood to produce about 1 million litres of oil a year, well above the 548,533 litres from its last reported harvest as a public company in 2015.
The Letari family, headed by Paul Letari, owns about 20ha of land in the Welshpool industrial area, including almost 11ha on Treasure Road that represents the area’s third largest single property.
