Savills sell 75ha Gisborne farm for $61.1 million

A Gisborne farm has been sold for $61.1 million to the Melbourne developer ID Land.

It was a 75 ha property at 39 Willowbank Road (pictured above) which will become new housing.

Savills agent Julian Heatherich said the owners who had farmed cattle on the property were retiring and downsizing to a smaller home.

The buyer will seek to develop 600 housing lots along with a primary school, waterways and parks.

Buying interest came from across Australia, China and South East Asia, resulting in the strongest development sale the Macedon Ranges region had ever seen.

“We received 15 offers and 160 requests for information for the property,” he told the local Leader community newspaper.

The property is surrounded by new residential estates, including Gisborne Fields and Golden Views, and is serviced by a train station, multiple bus routes and the Calder Freeway.

ID Land is a major property developer with projects across Melbourne, including Truganina and Wollert, and Geelong.