Best known as the home to Byron Bay's annual blues festival, a rural landholding at Tyagarah on New South Wales north coast has been listed for sale.
According to the Australian Financial Review, the 214-acre landholding at 29 Buckleys Road is presently zoned rural - with a permit for 45o tourists for Bluesfest - and is awaiting the NSW Department of Planning's approval to be used for residential development.
The AFR reports that with support from the Byron Shire Council up to 350 houses could be developed into a new township after a rezoning of the land.
The property is owned by the Hunter family who believe that with that capacity the land could achieve a sale price of about $150 million.
Owner Michael Hunter, who founded chemicals business the Bracton Group, has improved the land over the last 20 years which has its own sewage facilities.
"There hasn't been a new development in Byron Bay since 1998," Mr Hunter told The AFR.
"I have been at it for years, and finally we have interest from council. Being east of the Pacific Highway, it's better to have an urban development than rural land, particularly now when we have a railway line and hospitals."The property is being marketed by Max Walls International's Anthony Walls.
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