Two brothers grazing cattle in Melbourne will earn A$80 million after selling their Nar Nar Goon farm. This is the largest piece of land acquired by state developer Lendlease in a multi-farm acquisition as part of the recently approved Pakenham East regional structure plan, which will convert the combined property rights to Averley real estate.
The land purchased by Lendlease through a complex transaction takes several years and is estimated to be worth 120 million US dollars and 130 million Australian dollars respectively, of which cattle farmers account for more than 80 million Australian dollars.
Experts say: “Lands of this size are rare in the southeast. Therefore, this is one of the larger industries in the near future. Now, most of the land on the urban growth boundary is 40 hectares, which is a few hundred pieces of land (once developed ).”
Residents are expected to start moving in early 2023. At present, it is said that in addition to the possible 1,500 houses of Averley real estate, it may also have a series of parks and natural jungle. Data from the core project shows that the COVID-19 pandemic has little impact on land sales in the southeastern part of the city. They pointed out that by 2020, land sales in the area have increased by 77%. Neighborhood demand is still higher than 2019 levels.
https://www.realestate.com.au/news/nar-nar-goon-cattle-farmers-to-make-80mplus-in-massive-land-sale/