Dairy Farm Hits the Block for $140 Million
A dairy farm in North Richmond, 67 kilometres north west of Sydney’s CBD, has hit the block with price expectations of up to $140 million.
*The land value of the 253-hectare holding is bolstered by nearby housing estate development and plans for an estimated 50,000 new residents to move into The Hills area over the next two decades.
Hawkesbury Council has announced plans to deliver 60,000 new dwellings by 2031.
The vendors, the Peel and Beamont families, appointed Cushman & Wakefield’s Anthony Bray and James Linacre to market the 393 Terrace Road, North Richmond property known as Hambledon Park.
As a result of the North West Rail Link the residential development market has experienced its strongest growth in years, Cushman & Wakefield’s Anthony Bray said.
“Properties such as Hambledon Park transact once in a century, and when the site changed hands in 1972, the fundamentals supported agriculture use.”
“Today, evaluating comparable land holdings, approval for subdivisions, and future development upside pending approvals, suggests far greater potential land value.”
In 2008, the Hawkesbury Shire Council approved a subdivision plan to increase the lot numbers to 25. Hambledon Park was initially approved for small rural subdivision of eight lots of not less than 10 hectares.
Bray said that the sale will likely generate strong interest from developers, the tertiary education and agricultural industries.
“We expect that the most likely purchaser is an upmarket developer of residential subdivision, and we believe Hambledon Park is capable of competing with neighbouring successful housing estates such as The Ponds, Elara, and The Hills Carmel.”