Cheviot Hills farm sells for first time in 165 years

Cheviot Hills is understood to have sold for more than $10 million.

A billionaire businessman is believed to be behind the purchase of a historic Victorian farming property in a $10 million-plus deal.

It’s understood a London-based expatriate has acquired the iconic Cheviot Hills property near Penshurst in Victoria’s west.

It’s the first time the 1951ha landholding has changed hands in its 165-year history.

Commercial Insights: Subscribe to receive the latest news and updates in October reported CBRE’s Duncan McCulloch and James Beer had been appointed to handle Cheviot Hills’ sale, in conjunction with Kerr & Co’s Robert Claffey.

McCulloch at the time expected numerous potential buyers.

Cheviot Hills Victoria agriculture farming

Cheviot Hills is understood to have sold for more than $10 million.

“Cheviot Hills is a flagship holding ideally suited to high quality grazing pursuits, comprising improved pastures, outstanding soil types and well-developed infrastructure,” he said.

“Given the scale of the offering, we expect the opportunity to attract strong domestic and international interest from corporate buyers. Further, the property boasts a stunning recently renovated bluestone homestead featuring four bedrooms and set within manicured gardens and lawn areas, which we expect will appeal to and draw interest from high net worth individuals.”

The property has been in the Hutton family since 1852 – most recently under the stewardship of Tim Hutton.

It has been used as a substantial mixed-grazing operation, including for both Hereford cattle and Corriedale sheep.