City fringe farm sells for $83m

City fringe farm sells for $83m, swallowed by city sprawl

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An artist's impression from LendLease on how the residential subdivision will look once built on the former farmland south-east of Melbourne.

An artist's impression from LendLease on how the residential subdivision will look once built on the former farmland south-east of Melbourne.

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A relatively small piece of grazing country on the south-east of Melbourne has sold to developers for more than $80 million.

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A relatively small piece of grazing country on the south-east of Melbourne has sold to developers for more than $80 million.

The 83ha farm at Nar Nar Goon farm has been sold to property developer LendLease.

A small herd of about 300 cattle were run the property which will now make way for residential expansion in Pakenham East.

The farm was part of a multi-property deal to allow LendLease to pursue its plans to provide for 1500 new homes to be called Averley Estate.

Development work and land sales are expected to begin off the plans by the middle of the year with the first new residents to start living there in 2023.

"The vibrant community of Averley is set to feature around 1500 residential lots and will become more than just a place to live - it will offer a lifestyle with heart and soul, inspiring connections to nature, neighbours and community," LendLease says.

The sale of the one of the last big farming lots in this part of the Melbourne fringe comes as the State Government is inviting comments on plans to protect farmland in a 100km radius of the city.

The new zone reaches beyond and includes Warragul, Seymour, Yea, Kyneton, Winchelsea, Daylesford to the outskirts of Ballarat and also far beyond Pakenham, which is already within the 50km zone.

The little known "Planning for Melbourne's Green Wedges and Agricultural Land" is still out for comment until February 5 at the Environment, Land, Water and Planning Department.

Planners said they want to "future proof" Melbourne's food bowl by protecting farm land, and that includes finding ways to stop ad hoc home building.

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