After more than a century of being in the same family, Echuca Park has been purchased by a Melbourne property developer for a price between $40-45 million.
The 305-acre (123-hectare) property, which belonged to the Watson family for more than 100 years, is expected to be sub-divided into 1200 residential blocks as part of the Echuca West Precinct re-development.
Up until now, the property was used as a livestock farm.
Selling agent Andrew Miller from Nutrien Harcourts Echuca said he had been negotiating with four different property developers for six months, and before that was waiting for sub-division approval for about four years.
“This re-development is an absolute positive for our community,” Mr Miller said.
“We currently have a massive land supply shortage but this project can help our town grow, can sustain our population, can help alleviate housing crisis issues and is a wonderful stimulation to our economy.
“Think of all the tradespeople, the electricians, the builders and the plumbers that will secure work from this project.”
Surveyors are currently examining the property to lodge plans for the re-development.
No date has been given as to when the re-development project will commence.
The property is still being run as a commercial beef property until the project is under way.
Mr Miller said the vendors were “absolutely ecstatic” about the outcome of the sale.