Sold: Echuca Park has officially been sold to a Melbourne property developer for $40-45 million.
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After more than a century of being in the same family, Echuca Park has been purchased by a Melbourne property developer for a price between $40-45 million.
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The 305-acre (123-hectare) property, which belonged to the Watson family for more than 100 years, is expected to be sub-divided into 1200 residential blocks as part of the Echuca West Precinct re-development.
Up until now, the property was used as a livestock farm.
Selling agent Andrew Miller from Nutrien Harcourts Echuca said he had been negotiating with four different property developers for six months, and before that was waiting for sub-division approval for about four years.
“This re-development is an absolute positive for our community,” Mr Miller said.
“We currently have a massive land supply shortage but this project can help our town grow, can sustain our population, can help alleviate housing crisis issues and is a wonderful stimulation to our economy.
“Think of all the tradespeople, the electricians, the builders and the plumbers that will secure work from this project.”
Alleviating housing issues: Echuca Park is expected to be re-developed into 1200 residential blocks.
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Surveyors are currently examining the property to lodge plans for the re-development.
No date has been given as to when the re-development project will commence.
The property is still being run as a commercial beef property until the project is under way.
Mr Miller said the vendors were “absolutely ecstatic” about the outcome of the sale.
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