Almost 400 hectares of farming land in Sydney’s southwest close to Picton town centre has hit the block.
The amalgamation of three broadacre properties at 200 Abbotsford Road, owned by a livestock farming family, has created a 399ha parcel of land that could accommodate a new masterplanned community, according to marketing agents Colliers.
Colliers’ Thomas Mosca said the landholding had future potential development close to amenity and infrastructure in the area.
“Picton has seen substantial expansion in recent times with strong growth fundamentals and a flourishing community,” he said.
“This sets huge precedence for more growth and activating a site like this one will substantially boost the area.”
A 500ha plot at Berrima recently sold for about $50 million and Collliers agent Nick Estephen said he expected the Picton site, The Pinnacle, to be snapped up at a similar price point.
Estephen said the Berrima property had been bought for short-term landbanking and long-term development potential.
“We have seen heightened demand for large landholdings of this scale on the outskirts of Sydney,” he said.
“Major developers and high-net-worth privates are looking to capitalise on future masterplan opportunities that will inevitably benefit from the expanding housing market in Sydney.”
Part of the property is currently occupied by grazing cattle and could accommodate approximately 300 head on site for passive income opportunities.
The Wollondilly Shire Council has plans to revitalise the region and create a major commercial and residential hub at Picton.
The council has forecast an additional 3000 people will move to the area by 2040 and has proposed an increased density with mixed use infill developments to help accommodate the urban transition.
According to NSW Planning Department data, 75 per cent of the state’s land supply has been absorbed.
An international expressions of interest campaign is under way for The Pinnacle and is due to close in August.
