Mirvac to develop 1700 homes at Boral’s Wantirna South quarry
The Mirvac Group has another reason for optimism amid the property market gloom after a deal with Boral to develop a 1700-lot estate in Melbourne’s southeast.
The property group last month capitalised on improved equity market conditions by undertaking a $750 million raising, and at the time said it had lined up about $6 billion of new opportunities.
These included a major build-to-rent project in Melbourne near the Queen Victoria Market, where it is working with local private developer PDG on a $333.5m complex.
ommercial Insights: Subscribe to receive the latest news and updates
Mirvac has now agreed with Boral to develop a 171ha quarry site at Wantirna South in the Dandenong Valley parkland corridor.
Mirvac head of residential Stuart Penklis says the site is a unique opportunity for the group to create a new community with surrounding parkland.
The Boral site. Picture: Google.
Subject to rezoning and planning approvals, Mirvac proposes about 1700 residential lots, including a mix of house and land packages.
This market has been under pressure with rising sentiment in the sector yet to translate to a sustained boost in sales for some players, including listed rival Stockland.
But developers are confident that interest rate cuts, first homebuyer assistance and greater access to credit will translate into sales.
Mirvac will also deliver 11ha of public open space in the development, and a neighbourhood centre comprising retail, services and community facilities.
The deal extends Mirvac’s existing relationship with Boral, following their initial venture at the Olivine estate in Donnybrook, Victoria.
This article originally appeared on www.theaustralian.com.au/property.
