Buyers circle market garden as Geelong homes plan develops

The 9.1ha property 70 Bridge St, Batesford, is attracting interest from potential landbankers, speculating on value underpinned by Geelong’s future western growth area.

Landbankers are sharpening their pencils as market gardeners prepare to sell a within Geelong’s western growth corridor that they’ve owned more than 50 years.

The Batesford farm, which has been used to grow vegetables has been listed for sale with price hopes between $2.2m and $2.4m.

HF Richardson Newtown agents Tony Hyde and Matt Poustie are managing the expressions of interest campaign closing on June 2 to sell the property at 70 Bridge St, Batesford.

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The market garden property outside Geelong has become a target of landbankers.

Mr Hyde said investors keen to unlock the potential landbanking benefits of holding the property that partially fronts the Moorabool River are proving to be the bulk of the interest in the landholding that’s up for sale for the first time in more than 54 years.

He said the vendors turned to the agents to sell the property after being the subject of hot off-market interest from groups looking to speculate on the land within the western Geelong growth corridor.

There has already been plenty of movement on properties across the northern and western growth areas.

Mr Hyde said the property has already been rezoned for an urban growth zone and sits within the Batesford North precinct structure plan area.

The Batesford North PSP area is the northernmost part of the Western Geelong Growth Area, which stretches to Fyansford.

City of Greater Geelong planners are in the process of developing the precinct structure plan that will ultimately decide how it could be carved up, and rezoned for various uses, he said.

“Future development will happen for all that area that’s positioned close to Geelong, Bannockburn and the Ring Road,” Mr Hyde said.

“It’s got the upside of residential, probably a little bit of industrial, and because it’s on the Moorabool River, it will lend itself to some parks, ovals, everything like that.

“It’s an area that will be well sought after once the PSP is ratified,” Mr Hyde said.

Landbankers would seek to hold the property, waiting for the final rezoning before on-selling it.

The 9.1ha property is close to the Midland Highway between Geelong and Bannockburn.

The 9.1ha property is spread over several parcels.

“They’re has been a lot of interest in and around there as there’s a lot of vacant farmland,” Mr Hyde said.

“They are long-time landholders. They have been inundated with people wanting to purchase the property.

“They’ve owned it for 54 years, they’ve run a successful market garden. They’re growing vegetables so there hasn’t been any interest from them to sell it up until now.”

Mr Hyde said most of the potential buyers were around the higher end of the range, cognisant of the interest in the property.

“That’s why it is for that land banker, because of that uncertainty of when it will be rezoned. “But there are a lot of people in the market now, especially with the interest rate cuts.”

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