Farmers hit pay dirt on huge Melbourne property

A huge farm in Melbourne’s north could one day be home to the city’s newest suburb, after its longtime owners put the property on the market.

The 600ha of land known as “Deloraine”, at Beveridge, about 40km north of Melbourne’s CBD, could accommodate 6000 residential lots, agents say, along with schools and public parks once it is eventually rezoned.

The farm has been owned by the Laffan family since 1964, when they paid a reported £64,000 for it.

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Today, the farm is tipped to fetch in the hundreds of millions of dollars, and would be worth billions to developers after rezoning.

Chinese development giant Country Garden last year paid $400 million for a 363ha parcel of land at Wyndham, in Melbourne’s west, which was only capable of producing 4000 residential blocks.

Agents say the property could house 6000 residential lots.

Biggin & Scott Land managing director Frank Nagle says the sale of the property at 500 Old Hume Highway could be “industry defining”.

““Whilst Country Garden paid $400 million for Phileo’s land in the Wyndham last year, it was only capable of producing 4000 lots,” Nagle says.

“This land can accommodate 6000 lots, together with a huge public park in Mt Fraser … four schools, a major water feature and direct Hume Freeway access.”

The Laffan family bought the land at auction 54 years ago, but are now moving to another farm further north.

“It’s amazing that you would auction a property of this size, but that’s how they did it in those days,” Nagle says.

The property sits within one of Melbourne’s major growth corridors.

“As the family is relocating to another farm in the north of Victoria we are able to offer some extended settlement terms, which will enable buyers to offer on a variety of price and terms.”

A development plan has already been drawn up for the site, with Taylors Strategists’ Nick Hooper saying the chance to buy land on this scale is increasingly rare.

“People talk a lot about creation of major townships and creating a vision and this is one of those opportunities for those developers who really want to make their mark,” he says.

“Notably, the inclusion of Mt Fraser in the development is a truly unique opportunity to add something different to the estate. It will enable just about all housing blocks to have a beautiful view of the highest mountain in metropolitan Melbourne.”

“Deloraine” is for sale via an international expressions of interest campaign, which closes on April 18.