Historic Yarra Valley farm and airport snapped up in $24m deal

The home of almost 100 years of family farming history and the neighbouring Coldstream airport have changed hands, with the new owners planning a $300 million development.

The home of almost 100 years of family farming history in the Yarra Valley has been sold in a record deal for the region worth about $24 million.

The Doake family have sold their 128ha grazing property, known as Sunny Meadows, as well as the separately titled Coldstream Airport, in a transaction with a Victorian property development group.

Both Sunny Meadows and the Coldstream Airport, spanning a combined 151ha, were listed for sale in February this year, attracting offers from five potential buyers.

Melissa Fisher, chief executive of the Warragul-based Acuity Development Group, has acquired both properties, with plans to launch a $300 million development plan, backed by private lenders, high-net worth individuals and family offices.

On Sunny Meadows, Acuity reportedly plans to build 120 accommodation units to create an integrated tourism development on the farm, including viticulture, market gardens, winery, distillery and a museum showcasing the family and region’s history.

Both the Sunny Meadows farm (128ha) and the Coldstream Airport (23ha) have been sold by the Doake family.

Alongside plans for the Sunny Meadows farm, it is understood the Acuity Development Group also intends to expand and develop the Coldstream Airport including more hangars with loft apartments built on top of some, subject to planning and authority approvals.

A qualified pilot and property developer, Ms Fischer’s Acuity Development Group sources investors and develops commercial and residential property projects, mostly in regional areas.

Home to the Coldstream Flying School, the Coldstream Airport is the closest sealed runway airport to Melbourne and has been in operation for 62 years.

New owners of the Coldstream Airport and the neighbouring Sunny Meadows farm have grand plans for its future.

The aerodrome was built by Jim Doake, and colleague Basil Carlisle, in 1962 with the 795-metre-long runway, taxiways and handstand sealed in 2013.

Prior to the Doake family’s acquisition of Sunny Meadows in 1926, the property supported a winery operation run by David Mitchell, a renowned builder during the 20th century and constructor of Melbourne’s Royal Exhibition Building.

Castran Real Estate handled the sale of Sunny Meadows and the Coldstream Airport, which generated “significant inquiry” including a total of 76 respondents, 40 for the airport and 36 for the farm.