A 75.67-hectare englobo site in Gisborne has sold for $61.13 million, as developers continue to pursue growth-catchment opportunities in Melbourne’s fringe areas.

Real estate developer ID Land has purchased the landholding at 39 Willowbank Road, following a competitive expressions-of-interest campaign that received more than 120 enquiries and 12 offers.

Savills Australia’s Julian Heatherich, Nick Peden and Benson Zhou brokered the deal on behalf of a private local farmer, whose family had been in possession of the land since the early 1900s.

“We received significant interest from off-shore and interstate developers but ultimately the local developers were the strongest contenders, having a better understanding of the market,” Mr Heatherich said.

Mr Heatherich said ID Land recognised the enormous potential of the land, which is in one of Victoria’s major growth catchments.

“This is one of the last remaining sites in Gisborne that is suitable for medium-density development, and will provide the buyers with ultimate flexibility stemming from its residential zoning and combined street frontage of more than 1,144 metres,” he said.

“ID Land’s mission is to transform the land into a vibrant community for family-friendly living.”

The allotment is a short drive from Gisborne Central Shopping Centre and is well serviced by public transport, educational facilities and major arterial roads, including the Calder Freeway.

“When you consider the surrounding amenity and access to major transport links, a property like this in an area billed for high growth is exceptionally rare,” Mr Heatherich said.

“In the short term, more and more homeowners will be starting to consider Gisborne and surrounds as a viable location to live and work or easily commute to the city.”

With major reserves, parks, sporting grounds and a school also part of the development proposal, subject to council approval, the site is expected to become a hub for Gisborne and surrounding areas.

“Gisborne’s forecast population for 2018 is 13,647, which is predicted grow to more than 20,000 by 2036,” Mr Heatherich said.

“This represents a 49.88 percent increase, and such growth will require significant residential development throughout the community.”

Gisborne is the largest town within the Macedon Shire Council boundaries, which is also forecast to experience substantial growth, up to 35.71 percent, in the next two decades.

“Already the Macedon Ranges population is surging toward 50,000 people, with 20.60 percent more people calling the shire home in the past 10 years,” Mr Heatherich said.