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Economy

Land for sale near Millbrook could be used for future residential development: realtor

WATCH: A farm for sale near Millbrook is adjacent to land already owned by a developer that's tabbed for future commercial and residential builds.

A large, 189-acre farm just east of Millbrook, Ont., is up for sale at a price of $2.5 million.

The land is immediately adjacent to land already purchased by a developer and earmarked for future commercial and residential builds.

“It seems to us as a natural extension that the municipality is already carrying the sewage treatment plant lines up the hill,” said Matt Murphy, broker of record for Just 3 Percent Realty.

“They’re going to be developing that. If they will develop that in the near future, it makes sense to develop the land right beside it, too.”

READ MORE: Official Plan projects Peterborough population to reach 115,000 by 2041

A 189-acre farm for sale near Millbrook. The land is adjacent to land already purchased and earmarked for future commercial and residential development.
A 189-acre farm for sale near Millbrook. The land is adjacent to land already purchased and earmarked for future commercial and residential development. Matt Murphy/Just 3 Percent Realty

The property is just outside of Millbrook’s boundaries and is currently not connected to municipal water or sewer services.

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And while it’s next to land that is slated for development, a lot needs to happen before it can be developed.

“It’s entirely speculative to suggest there will be any development in the near future on that property, given the official plan and zoning changes that would have to take place,” said Scott McFadden, mayor of Cavan Monaghan Township.

“There’s limitations of the current water and wastewater facility and given the growth analysis with Peterborough County on where future developments will go.

“There’s certainly a lot of variables at this point.”

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Millbrook’s population is expected to increase dramatically once two major subdivisions, to the west of County Road 10,  totalling more than 1,000 homes are built.

READ MORE: Peterborough area is the country’s fastest-growing community: StatsCan

“The primary developments that are nearing completion right now sold out in 48 hours,” added Murphy. “That gives you an idea of the demand. It’s not going to slow down. If a development that size is going to sell out that fast, there’s a need for more.”

“There is no development possibility without going through an official plan amendment and zoning changes, which is a public process,” added McFadden. “There would need to be justifications as to why that land would be suitable for development and it would have to fit within the policies of our official plan.”

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Murphy says the land has been offered up for purchase to developers who have worked in the area in the past.

“There will be interest. So it’s not in the here and now to build on, but neither were these properties when they were originally on the radar.”

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