Mortgagee sale brings 105-lot residential development site to market in Farley

A major residential development site with approval for 105 residential lots is coming to market in the Hunter region as a mortgagee in possession sale, offering developers an opportunity to capitalise on continued population growth in Maitland area. 

The 11.34ha* landholding at 11, 21, 23, 25, 33 and 41 Owlpen Lane in Farley, approximately 40 kilometres from Newcastle, comprises six adjoining properties being offered in one line. 

The property has development approval for 105 residential lots across two stages, the approval includes 99 residential lots in the first stage and a further six in the second, providing a substantial pipeline of housing supply in one of the Hunter region's expanding residential corridors. 

The site is being marketed exclusively by Jake Smith of Cushman & Wakefield with strategic advisor George Tisseverasinghe of Property-Wise, acting on behalf of the mortgagee in possession. 

Jake Smith of Cushman & Wakefield said the campaign was expected to attract interest from established residential developers, project home builders and integrated house-and-land groups seeking development opportunities in regional NSW. 
"We expect strong interest from developers and house-and-land operators who recognise the opportunity to deliver affordable detached housing in a market supported by population growth and demand from first-home buyers, young families and people relocating from metropolitan areas. 

"With much of the planning work already undertaken, the site offers prospective purchasers a clear development proposition and the ability to deliver a sizeable residential community across two stages." 
The landholding is predominantly zoned R1 General Residential, with a minimum residential lot size of 450 sqm. 

Positioned within Farley's emerging residential precinct, the property is close to schools, shopping centres and transport connections in Rutherford, Telarah and central Maitland, with access to the New England Highway via Wollombi Road. 

Maitland's population is forecast to increase by approximately 49 per cent between 2021 and 2041, placing continued pressure on the region to accommodate new housing. 

Property-Wise strategic adviser George Tisseverasinghe said the scale of the consolidated holding and its existing development approval would be key drawcards for prospective purchasers. 
"Opportunities to acquire more than 11 hectares of consolidated residential land with approval for over 100 housing lots are relatively limited, particularly in established growth corridors where there is already access to essential services and infrastructure. 

"The property's location, proximity to Maitland and the approved two-stage subdivision provide a strong foundation for a developer looking to establish a residential estate targeting the region's growing family and first-home buyer market." 
The property is being offered for sale via Expressions of Interest.