VIC Residential Land still in Demand
Future urban land in Melbourne's north continues to see demand rise with reports that the Pask Group have paid around $12m for an 8.8ha parcel of rural and destined to be included for residential development in the next changes to Melbourne's urban growth plans.
The property which was sold by borthers Edward, Garry and Keith Troutbeck has been held in the family since the mid-1930s and operated as a diary farm. The brothers will retain a further 17 hectares which they are likely to sell later this year, which according to agents, will reap them close to $49m for the full 25.8ha ($1.8m/ha) family farm which had been bought for less about £500.
Jason Real Estate marketed the property at 1630 Mickleham Road for the Troutbeck brothers. According to the agent, the property is likely to yield about 347 lots and is due to be rezoned for residential development as part of the “Craigieburn West Precinct Structure Plan”.
In June last year, the Deague Group paid $86m for a 70ha ($1.23m/ha) site just north of the Troutbeck farm at 1720 Mickleham Rd.