A sprawling property at Red Hill on Victoria’s Mornington Peninsula has hit the market with expectations of $25 million or more.
At 725 White Hill Road, the property comprises 119.5 hectares and is spread across 12 separate titles. Privately held, “Watermill” is going on the market for the first time since 1982.
The property was previously home to the Watermill Murray Grey stud and still operates as a small-scale farming operation, running a herd of about 200 Angus steers.
Cushman & Wakefield agents Tim Bennetts and Richard Brookes have been appointed to broker the sale.
“While the property remains as a farming operation, it is set over 12 titles that offer a range of unprecedented development opportunities subject to council approval.,” Mr Bennetts said.
“We are offering the property to be sold in one line or in individual titles.”
Mr Bennetts said the property may suit a range of uses from private holiday residences, wineries and day spas through to land banking.
“The Watermill homestead is one of the only residences on the Mornington Peninsula to enjoy uninterrupted views to both Port Philip and Western Port Bays,” he said.
A short drive from metropolitan Melbourne, the Mornington Peninsula’s hinterland is a mix of weekend retreats and working farms, along with art galleries, vineyards and culinary destinations.
Major properties are tightly held, changing hands rarely such as the historic Morning Star Estate which sold for $36.2 million two years ago.
The 63-hectare property in Mount Eliza, home to vineyards, orchards, olive groves and an 1867 Victorian mansion built by Londoner Francis Gillett, sold to a Chinese investor, Zhongou Capital Corporation.
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