A family company purchased the 5700 square metre property at 4 Major Innes Road.

Raine&Horne Port Macquarie sold the property on behalf of vendor Mark Minturn.

Sales executive for Raine&Horne residential Gwaine Robinson said inquiries were received locally, from throughout the state and Australia, as well as internationally.

“The buyers are land banking it and are taking a very long-term view of what they might do with the block,” he said.

“It just continues a long line of sales in Port Macquarie that are going into the million dollar-plus mark.”

The 4 Major Innes Road property is close to Port Macquarie Base Hospital, Lake Innes Village Shopping Centre, Charles Sturt University and St Columba Anglican School.

Mr Robinson said demand for development blocks was outstripping supply.