A 600ha farm in Australia located approximately 40km north of Melbourne has recently sold for a reported $200 million (€125.5 million).
This equates to a price per hectare of over $330,000 (€209,000). It is believed that the property was sold to a Chinese property developer.
Subject to planning approval, the farm is expected to be able to accommodate 6,000 lots, according to estate agents Biggin & Scott Land.
The offering of this third-generation cattle farm was described as “a once-in-a-lifetime opportunity” and “a company-defining project”.
Image source: Biggin & Scott Land
Owned by the Laffan family for over 50 years, the 600ha property – known as Deloraine Park – was once part of a farm which consisted of almost 5,000ha.
It has been claimed that the Laffan family has plans to move to another farm in a more northern part of Australia.
The land is set to make way for housing due to the sprawling nature of Melbourne’s suburbs.
Image source: Biggin & Scott Land
It is believed that the property will be worth billions of dollars to developers once the land is rezoned for residential housing.
News of this sale has come at a time when property developers are keen to snap up land around the outskirts of Melbourne – with numerous housing developments currently taking place.