A rare 23-hectare landholding in the south west Sydney’s growth corridor that’s been circled by developers for years has hit the market.

It’s about the size of a small suburb and surrounded by new housing estates and transport infrastructure, yet hasn’t been converted to suburbia like most of the adjacent land despite the best efforts of property developers.

The 1840-built homestead Macquarie Field House at Glenfield was once the home of Sydney’s first mayor, John Hosking, and the entire property - including almost 60 acres of rolling green hills - is on the state heritage register.

That means any proposed development is subject to strict controls designed to maintain the heritage significance of not only the existing five-bedroom sandstone house itself, but also its “intact 19th century rural cultural landscape”, according to its heritage listing.

Sales agent Frank Oliveri of Colliers said the property, which has a price guide of $10-12 million, would likely appeal to private buyers rather than developers given its heritage protection which restricted subdivision.

Macquarie Field House is set on almost 60 acres of land, and is heritage listed which restricts further subdivision for housing. Picture: realestate.com.au/buy

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“It is well suited to a personal residence for somebody who loves the history of the area,” he said.

The period home was previously used as a farm, school and homestead, but hasn't been lived in since it was last sold in 2015, Mr Oliveri said.

The vast landholding and convenient position in Sydney's west made it a unique offering, he said.

“Finding a property of 60 acres from Liverpool to Campbelltown in the M5 precinct is very, very rare,” he said.

The 1840-built homestead was restored during the 1950s and 60s by former owner David Jamieson. Picture: realestate.com.au/buy

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The historic homestead has 15 rooms including five bedrooms, two bathrooms, multiple living areas and cellar. 

It also includes eight fireplaces, wide hallways and period timber details throughout.

“It would be great to leave it in its current state,” Mr Oliveri said. “But it also has so many adaptive reuses whether it's a school, a place of worship or a range of other uses.”

The property last traded in 2015 when it sold for just over $4 million. Picture: realestate.com.au/sold

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The listing of the large, heritage-protected landholding in a key growth corridor in Sydney’s south west, comes amid Australia's ongoing housing crisis, with concerns the federal government’s target for 1.2 million new homes to be built by 2029 won’t be achieved.

Heritage restrictions have often been criticised as a barrier to unlocking housing supply, although the debate between heritage and housing typically takes place in inner city suburbs rather than those on the urban fringe.

Numerous attempts to redevelop Macquarie Field House over the years have been knocked back, including a 1999 plan to subdivide it into 171 residential lots, which was rejected over concerns it would compromise the site’s rural heritage.

The large landholding is surrounded by recently-built housing estates and land earmarked for future development. Picture: realestate.com.au/buy

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Recently-built housing estates encircle the property, including the newly built suburbs of Bardia and Edmondson Park to the west, and the Macquarie Links gated community to the south.

Glenfield was recently rezoned to allow low, medium and high density housing on rural land to the north of Macquarie Field House currently occupied by Hurlstone Agricultural High School, with building heights of up to 12 storeys proposed for a new town centre at the train station.

According to its heritage listing, Macquarie Field house is “of exceptional value as a substantial mid-19th century homestead, prominently sited, with important remnant plantings, layout and archaeological features.”

Particular attention is given to its "open rural landscape" which is described as having "high cultural value."

The heritage-listed house includes a cellar among its 15 rooms. Picture: realestate.com.au/sold

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The formerly government-owned property was restored during the 1950s by conservator David Jamieson, before being sold in the 1990s to the Presbyterian Church, which had plans at the time to turn it into a feeder school for Scots College.

It was sold for $1.8 million in 2007 to Paul Hutchinson, who lived in it with his family of six before selling it in 2015 for $4.08 million to a private buyer who intended to use it as a home, but never lived in it.