Mirvac’s new south west Sydney community revealed
Mirvac has acquired an 80-hectare parcel of zoned land from property funds and development firm Roberts Jones in Sydney’s south-west.
The future master-planned community has the potential to deliver approximately 950 land lots, less than 10kms away from Mirvac’s recently completed Crest project at Gledswood Hills.
According to Colliers agent Frank Oliveri, who was responsible for the deal, plans for the new community include a range of lot sizes, from 225sqm to 1,000sqm.
“This transaction shows the strength of the residential development site market in western Sydney,” Mr Oliveri said.
“This property was highly sought after by both institutional developers and a number of the large home builders in the region. Residential lots have increased by over 25 per cent in many parts of the market and developers have paid higher prices to secure land stock in the short to medium term.”
With plans for playing fields, a future town centre and community facilities, the site also includes plans for a recreational parkland and natural home for native flora and fauna.
Mirvac Head of Residential Stuart Penklis said the company plans to bring another community to life.
“Future residents will relish the picturesque rural aspects of this countryside setting, while benefitting from the adjacent Macarthur Anglican school and other established amenities in Oran Park.” Mr Penklis said.
“Land and homes in this area are experiencing strong demand due to significant local infrastructure investment including the new Western Sydney International Airport and Aerotropolis now taking shape.”
The first development approval for the initial 150 lots is expected over the coming months, with the company aiming to commit to sustainability and the best practice design.
The project is expected to be released in mid-2022.
“Over the next 12-18 months we expect a limited supply of new homes in this area, so we are delighted to take this opportunity to restock our portfolio and at the same time support the continued economic development of the region by providing much needed homes for the growing population,” Mr Penklis said.
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