Hambledon Park, Sydney's $140 million dairy farm, for sale as housing site
Hambledon Park, the North Richmond dairy farm, has hit the market with expectations of $120 million to $140 million.
The 253 hectare property, some 70 kilometres north of Sydney near the Hawkesbury River, was originally purchased in 1972 by the Peel family.
It has operated as a major dairy supplier into Sydney.
The property, comprising open and improved pastures, also includes four working cottages.
There was approval for a small rural subdivision of eight lots no less than 10 hectares each, and more recently in 2008 the subdivision plan was increased to 25 lots.
Cushman & Wakefield expect to see 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," agent 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.”
Bray is marketing the property with James Lincare.
An estimated 50,000 new residents will move to The Hills over the next 20 years as a direct result of the North West Rail Link as the residential development market has experienced its strongest growth in years driven by availability of stock.
The Hawkesbury Council aims to deliver 60,000 new dwellings by 2031.