TWO-hundred-and-fifteen hectares of land near the Great Ocean Road could attract a record price at sale.
Four major land parcels north of coastal hamlets Wye River and Separation Creek are open for expressions of interest, and RT Edgar agent Ian Friend said high levels of inquiry could be an indication that “a record price might be achieved”.
“I don’t think there’s ever been an offer of that size of land that close to the coast,” Mr Friend said.
The parcels include a 187-hectare allotment, a 23-hectare allotment, a bundle of three lots of more than 675 square metres and another bundle of one 2.71-hectare lot and one 2.09-hectare lot.
Mr Friend said RT Edgar had received “a lot of inquiry” about the land parcel, including international interest.
He said RT Edgar was selling the parcels as “one or as individual”.
“At this stage we have to wait until the final date of expressions but with the number of inquiries, a record price might be achieved,” Mr Friend said.
Melbourne restaurateur Donlevy Fitzpatrick acquired the land holdings before he died in 2008.
Colac Otway Shire Council planning documents indicate Mr Fitzpatrick had big plans for the titles, including an eco-farm retreat, holiday cabins, residential allotments and a public recreation reserve.
But sustainable planning and development manager Jack Green said the land had limited potential for development.
“The land in question at Wye River is mainly zoned rural conservation zone except for a small area north of Separation Creek, which is zoned low-density housing,” he said.
Mr Green said a 2008 structure plan discouraged development beyond the towns’ boundaries and title agreements on lots within the low-density residential zone would prevent further subdivision.
He said the council adopted Amendment C58 to the planning scheme in February this year to rezone the low-density residential zone to rural conservation, and was awaiting approval.
He said the rezone would not affect landowners applying for a planning permit for houses on the affected lots.
“Any proposal on those lots would need to be sensitively designed to address all of the environmental constraints including bushfire risk.”
Mr Green said anyone considering the land could consult the planning department before purchase.
The Colac Herald previously reported that Wye River house prices had jumped by more than 400 per cent in the past decade, making the four sites hot property.