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GENERAL PROPERTY

120ha Mornington Peninsula land on the market

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NEARLY 120 hectares of land making up the prestigious Watermill estate on Victoria’s Mornington Peninsula has come up for sale for the first time in 37 years.

Cushman & Wakefielld’s Tim Bennetts and Richard Brooks are marketing the 119.5-hectare site over 12 titles at 725 White Hill Road in Red Hill via expressions of interest, available in one line or in individual titles.

Previously home to the Watermill Murray Grey stud, the estate operates as a small scale farming operation, running a herd of approximately 200 Angus steers. The property could make way for a range of uses, including private holiday residences, wineries and day spas through to land banking.

The property is one of only a few that boast uninterrupted views of Port Philip Bay and Western Port Bay, and includes a main five-bedroom homestead originally commissioned for entertaining purposes in anticipation of the 1956 Olympics.

The site also has a manager’s residence, a caretaker’s cottage and a third cottage rented out on commercial terms, and farm-related infrastructure.

Strong interest is expected from local and international investors seeking to secure a large, well-positioned site with unparalleled views. Development opportunities are subject to council approval.

“Red Hill is home to some of Melbourne’s most exclusive prestige properties and the opportunity to secure a property like ‘Watermill’ is exceptionally rare,” Bennetts said. “Only a handful of properties of the scale of “Watermill” have come to the market in the past 20 years in Red Hill and surrounding areas and we expect unprecedented interest from investors attracted to a property that offers so many options.

“While the property remains as a farming operation, it is set over 12 titles that offer a range of unprecedented development opportunities subject to council approval.”

Australian Property Journal