Veteran horse trainers Meagher Racing could reap up to $20 million from the sale of their Sunbury stable property Huntly Lodge, which is set to become a new residential subdivision.
The Meaghers, who trained 1985 Melbourne Cup winner What A Nuisance, bought the sprawling 82-hectare farm more than 20 years ago for $875,000, according to land title records.
The property at 250 Lancefield Road is located across from a residential estate and has been designated for development by the Growth Areas Authority as part of the Sunbury East (1075) Priority Precinct Structure plan. It is likely that about 1000 lots could be created from the land.
Peter Vassallo of the Oliver Hume Real Estate Group said Huntly Lodge had been attracting interest from several Asian and local private developers during the campaign, which closes on Thursday.