The land at 459 Saddleback Mountain Road comprises 40 hectares of rural acreage with views which extend up and down the coastline.

Known as ‘‘The Lookout’’, the property was bought by a Griffith-based family in 2005 for $2.45million. They are selling the land because it no longer fits their retirement plans.

Listed with Steve Pryor of Raine & Horne Kiama, the property is now used for cattle grazing and includes a machinery shed with power.

Mr Pryor said the property had council-approved plans for a luxury multimillion-dollar home to be built there.

Mr Pryor said the property was among the top usable land parcels with a building permit available on the South Coast.

‘‘There’s been a couple of properties in recent years in Gerringong and Gerroa that traded for $4.5 million and $7 million and this land would be as good as those, if not better,’’ he said.

‘‘It’s definitely the best piece of land on Saddleback Mountain.

‘‘We’ve had some potential buyers up there already and they can’t get over how good it is.’’

Mr Pryor said the land was highly desirable for its scenic outlook and the amount of usable rural land – about 85per cent of the parcel is cleared.

It has sweeping views to the south of the Gerringong township, Werri Beach and lagoon, and Seven Mile Beach. To the east, the land offers views of Kiama and its four beaches and north to Wollongong.

Last month 60 hectares of established pasture land at Lot 206 Princes Highway, Gerringong, was sold for $4.7 million by Neil Campbell of Ray White Gerringong. The land package was part of the original 1865 Renfrew Park holding.

A rural property of 404,550 square metres at 242 Fern Street, Gerringong, was sold for $7 million in 2012.

The Saddleback Mountain Road land will be sold by auction on Thursday, June 18. 

lturk@fairfaxmedia.com.au