Mirvac continues to defy ‘property market gloom’ after announcing plans to develop a 1700-lot estate in Melbourne’s southeast in a new partnership recently signed with Boral.
The 171-hectare old quarry site is located within the Dandenong Valley Parkland corridor, approximately 25 kilometres south-east of Melbourne’s CBD.
The property group took advantage of improved equity market conditions to fulfil a $750 million raising, off the back of their recent $333.5 million Queen Victoria Market build-to-rent project.
An expansive master planned community is planned for the new Wantirna South site, which will incorporate significant restoration plans for the substantial neighbouring parklands. As well as developing a home for native flora and fauna, the community will benefit from integrated walking and bike trails.
Stuart Penklis, Mirvac’s Head of Residential, said the site represents a “unique opportunity for Mirvac to create an exceptional new community that leverages its unrivalled parkland surrounds in the coveted and established south eastern suburbs of Melbourne.”
Subject to rezoning and planning approvals, the $1 billion project will deliver 1,700 residential lots, including a mix of house and land packages, designed to appeal to a wide range of customers drawing from a large catchment surrounding the site.
Mirvac is also proposing to deliver 11-hectares of public open space within the development, together with a neighbourhood centre comprising retail, services and community facilities.
The Wantirna South projects follows up from Mirvac’s initial venture with Boral, the Olivine master planned community in Donnybrook, Victoria.
Boral Chief executive Mike Kane said the transaction showed the embedded value of Boral’s land assets and their potential development opportunities for properties at or near the end of their operational life.
“Together with the Donnybrook development, which we announced a year ago, which is also being managed by Mirvac, (this) will be an important earnings contributor for Boral over the next 20 years,” Mr Kane said.
The quarry project is targeted for release in FY23.