The recently reported $25 million-plus sale of 380-430 Oaklands Road and 825 Craigieburn Road to Racing Victoria (RV) brings further attention to the immense opportunity offered in the Oaklands Junction district, including picturesque property, Riverlea.

Listed by national real estate and advisory firm, LAWD, Riverlea is positioned near Mickleham’s burgeoning residential development, and is expected to draw increased interest from a wide cross- section of potential buyers following RV’s acquisition in the region.

Located two kms from RV’s 400 ha site, as well as only 30km from the CBD and 10km from Melbourne Airport, Riverlea’s 151 ha are spread over three adjacent titles – Lot 3, 4 and 5.

Currently, the property is ideally suited for agriculture and rural residential uses with each lot permitted to host a dwelling, and its proximity to Melbourne’s Urban Growth Boundary offering the potential for further planning in the future.

LAWD Senior Director, Peter Sagar, said RV’s entry into Oakland Junction would grow competition from buyers for the Riverlea property, as it was well positioned to benefit from the potential new development.

“Racing Victoria has proposed a number of exciting development options for the site, including the potential for an education and training hub,” Mr Sagar said.

“Regardless of the Racing Victoria’s plans, holdings, such as Riverlea, have been hotly sort after from both agriculture enterprises, developers and land bankers.”

LAWD Senior Director, Danny Thomas, said Riverlea’s picturesque landscape also offered exciting rural lifestyle development opportunities.

“Riverlea is a premium property which benefits from sweeping views of the district and river frontage, as well as convenient access to road networks and amenity, making it ideal in the short term for transformation into three residences, in addition to its overall longer-term land banking potential,” he said.

“There is already an existing planning permit in place for the construction of a single dwelling on Lot 4, and suitable residence sites have been identified on Lot 3 and 5.

“Lot 3 will appeal to buyers who are seeking a land parcel which offers unique privacy and access to an idyllic creek frontage, while Lot 4 and Lot 5 offer most impressive views.”

Each Lot is fenced on three sides with partial shared fencing along the boundary with Deep Creek. All lots have extensive frontage to Deep Creek.

Currently, the property operates as a productive grazing property, featuring 12 fenced paddocks with new 46-head capacity cattle yards.

The sale includes a dormant 48ML water licence which, while not currently equipped, can be directly sourced from Deep Creek and can be allocated as 16ML per title. Additional stock water is supplied from two dams and some paddock troughs fed from a 22,500L tank filled via bore water. Power is currently connected to two of the lots and available to the remaining lot.

For more information, contact LAWD Senior Director, Danny Thomas, +61 439 349 977, LAWD Senior Director Peter Sagar on +61 414 843 854, Paul Callanan, +61 478 652 468, or Conaill Auty +61 412 278 026.