Farm tempts big land developers in Melbourne's north
A Melbourne family stands to make up to $80 million from the sale of a cattle farm in the city’s growth corridor behind Caroline Springs in the city’s north-west.
The farm spanning three titles and 214 hectares along Mickleham Road between Mount Ridley and Donnybrook roads is expected to be keenly sought after by large greenfield developers.
Title documents show the land belongs to descendants of the local Cocking family and could potentially house up to 2000 dwellings.
Melbourne’s northern growth corridor has boomed over the previous decade with large players Villawood, Stockland, MAB, Evolve and Moremac taking stakes in the area which sits within the Merrifield West and Lindum Vale PSP.
Marketing agent Biggin & Scott Land’s Frank Nagle declined to comment apart from saying the site was “the last major parcel in Melbourne’s north”.
The land is the second largest parcel to come on to the market this year following huge demand for sites in 2015.
Prominent Melbourne residential developer ID_Land has decided to flip a 132-hectare holding in Plumpton, in Melbourne’s west, for about $70 million instead of developing it.
Central Equity recently paid almost $1 million a hectare for a 105-hectare parcel and ASX-listed PEET paid $90 million for a 123-hectare partially-developed estate in Tarneit.
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