Alterra

What Alterra does

Alterra Limited is an Australian agricultural land and water asset developer headquartered in Leederville, Perth, Western Australia. The company was originally listed on the ASX (ticker 1AG) as Carbon Conscious Ltd, was renamed Alterra in March 2016, and pivoted from carbon forestry into agribusiness following the 2018 demerger of its carbon business into Carbon Conscious Investments Ltd. Under Managing Director Oliver Barnes (appointed 2019), Alterra repositioned itself as a developer of premium horticultural assets in Western Australia's South West, with its flagship project being the 300-hectare Carpenters avocado development in Pemberton, executed through wholly-owned SPV Carpenters Beedelup Pty Ltd. Alterra voluntarily delisted from the ASX in July 2024 and now operates as a private company.

The company's core product is the Carpenters Project, supported by a 4.1 gigalitre dam, intelligent precision irrigation and fertigation systems co-developed with Netafim, and an AusIndustry-registered R&D program covering innovative avocado growing methodology. Pre-tax NPV8 for the project is $99M with a 22% IRR over a 30-year lifespan, against $40.6M of capex over the first three years. Supporting infrastructure includes a 30-year land lease with the Casotti Group (plus 10+10 year options) and a guaranteed 500 megalitres of water per annum. The company targets more than 90% premium-grade fruit production and 20-30 tonnes/hectare yields at maturity.

Alterra earns revenue through a project-based fee structure comprising per-hectare asset management fees, annual crop performance fees, and investment performance fees on development projects syndicated via special purpose vehicles to institutional investors, family offices, and agribusiness strategic partners. Distribution channels include direct institutional capital markets (historically via ASX placements), a strategic agreement with CapRise providing access to 114 family offices with combined portfolios exceeding AUD $15 billion, and direct placement to strategic agribusiness investors such as Pendulum Capital (up to 19.9% pre-delisting). The company is led by a small team (1-10 employees) and operates exclusively within Western Australia.

Name

Alterra

Legal name

Alterra Ltd

Website

https://alterra.com.au

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Alterra is a Western Australia-based developer of agricultural land and water assets that originates, develops, and manages premium horticultural projects — primarily the 300-hectare Carpenters avocado development in Pemberton — and raises syndicated development capital from institutional investors, family offices, and agribusiness strategic partners.

Ownership category

akta.pro rank

Product category

Agricultural Asset Development and Management

NAICS

Support Activities for Crop Production (11511)

SIC

Agricultural Production-Crops (100), Agricultural Services (700)

akta.pro primary industry

Capital Projects & Farm Expansion Advisory (Feasibility, Site Planning, ROI) (AFACAJAN)

akta.pro secondary industries

Irrigation, Fertigation & Nutrient Delivery Systems (Dosing, Injectors, Sensors) (AFAAAHAE), On-Farm Water Storage & Reservoir/Lagoon Services (Design, Lining, Maintenance) (AFACAFAN), Agricultural Water Rights & Irrigation Properties Brokerage (BPAJADAF)

Keywords

• Agricultural land development
• Water asset management
• Avocado production
• Horticultural development
• Agricultural investment management

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Technology or R&D, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Asset Development and Management Fees: Alterra earns per-hectare management fees for overseeing development and day-to-day operations of agricultural projects. The company also receives annual crop performance fees and investment performance fees from project commencement.
2. Property Sale and Equity Participation: The company develops agricultural assets and sells developed properties or exits via trade sale to institutional investors, while retaining minority equity interests and performance fees on sales to third parties.
3. Development Capital Syndication: Alterra structures projects in special purpose vehicles and raises development capital from syndicate partners, family offices, and institutional investors, maintaining direct equity interests.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Alterra originates, develops, and manages agricultural land and water assets in Western Australia's premium horticultural regions. The company repositions undervalued farmland into investment-grade agricultural assets, with the flagship Carpenters Project being a large-scale avocado development near Pemberton. It also develops water infrastructure, manages project operations on behalf of capital partners, and earns fees from development, performance, and equity participation.

Product overview

Alterra is a responsible developer of agricultural land and water assets based in Western Australia. The company repositions undervalued farmland into investment-grade agricultural assets, primarily focused on premium horticulture such as avocado production. The core product is the Carpenters Project, a 200-hectare avocado development near Pemberton. Supporting infrastructure includes the 4.1GL dam for water security. The company also offers an R&D program for avocado growing optimization and provides water asset development and management services for institutional investors seeking exposure to Australian agricultural land and water assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Carpenters Project A 200-300 hectare avocado development located near Pemberton, Western Australia, representing one of the largest standalone avocado projects in Australia. The project involves building, owning, and operating a large-scale avocado orchard with associated water infrastructure.
• Carpenters 4.1GL Dam A 4,100 megalitre dam providing long-term security of water supply to the Carpenters Project for irrigation purposes. Includes 3.0 gigalitre and 1.8 gigalitre dam sites with three-phase power installation.
• Avocado R&D Program Research and development program focused on innovative avocado growing methodology combining proprietary research, learnings from citrus and stone fruit industries, and hydroponic methodologies to improve production efficiency and target more than 90% premium-grade fruit production.
• Water Asset Development Services Asset development and management services for agricultural land and water assets, including identifying undervalued farmland, securing water allocations, and transforming properties into investment-grade agricultural assets for institutional investors.

Quantifiable outcome

• Returns per hectare increased up to tenfold through conversion to high-value avocado production
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered major and core.

• Tyson Bennett / Chemicals DirectmajorTechnology or Integration · 3 May 2019Exclusive technical partner agreement with horticultural expert specialising in high-value tree crop performance through plant physiology enhancement and growth regulators. Developed canopy management techniques for avocados, mangos, stone fruit, citrus and table grapes serving producers in Australia and 21 other countries.
• NetafimcoreTechnology or IntegrationGlobal irrigation leader engaged to implement intelligent precision irrigation and fertigation systems. Conducted irrigation trials on Carpenters soils to optimise water delivery and nutrient efficiency, achieving results indicating up to 20% reduction in water and power requirements.
• French's GroupcoreStrategic or Co-development PartnerLocal execution partner and technical advisor with multi-generational avocado farming experience in Pemberton. Provides access to production data and horticultural expertise, including exclusive rights to local avocado genetics. Has 32,000 trees producing more than 5.8 million fruit per year. Also brings downstream avocado packing and exporting capabilities.
• Casotti Group / Mario CasotticoreStrategic or Co-development PartnerWA's largest privately-owned fruit grower, packer and wholesaler providing land and water resources through Red Moon Property Holdings. Landowner for Carpenters Project with 30-year lease plus 10+10 year options. Guarantees 500 megalitres of water per annum from adjoining Casuarina property and responsible for land clearance and dam construction.
• Richard EckersleymajorStrategic or Co-development PartnerLocal avocado producer in Harvey region providing execution partnership and access to generational horticultural expertise. Partnered with Alterra for data access agreements and involved in all planning, development and execution decisions.

Scale indicators6 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Costa Group: Australia's largest horticultural producer with significant avocado operations (including a project with Macquarie Bank). Directly comparable as a vertically integrated avocado and produce grower competing in the same category.
• Webster Limited: Australian horticultural company developing premium permanent tree crop assets (walnuts, other tree crops) with water backing. Comparable as a smaller-scale developer-manager of investment-grade horticultural land.
• Rural Funds Group: ASX-listed agricultural REIT that owns, leases, and develops farmland and water entitlements (almonds, macadamias, vineyards, cotton). Highly comparable business model of bundling water-backed agricultural assets for institutional investors.

Emerging players

• Duxton Asset Management: Boutique agricultural investment manager with Australian and emerging-markets exposure. Comparable as a smaller, specialist manager raising institutional capital for agricultural land and operating assets.
• Sundrop Farms: Australian-controlled environment agriculture operator using advanced greenhouse and water-efficient systems to grow premium produce. Comparable in deploying technology-enabled horticulture at scale with institutional backing.

Broad incumbents

• Select Harvests: Larger ASX-listed almond and horticultural producer with integrated orchard development, water assets, and value-added processing. Comparable in horticultural asset development but operates at much greater scale and across multiple categories.
• Macquarie Agricultural Funds Management: Institutional agricultural asset manager within Macquarie that originates and manages large-scale farmland and water portfolios globally. Comparable as a competing capital partner for institutional investors targeting agricultural land and water exposure.
• GrainCorp: Large ASX-listed agribusiness with grain handling, storage, and processing infrastructure across eastern Australia. Comparable as a major Australian agribusiness with land and water exposure, though operating in a different commodity vertical.
• Australian Agricultural Company: Large ASX-listed owner and operator of Australian agricultural land (cattle, cropping). Comparable as a developer-operator of agricultural real estate, though focused on pastoral rather than horticultural assets.

Others

• Netafim: Global precision irrigation leader and Alterra's core technology partner. Comparable not as a competitor but as an enabler/ecosystem participant whose drip and fertigation systems underpin Alterra's water-efficiency claims.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/Alterra_Ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alterra