The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE IN ONE WEEK RECOGNISING THE PEOPLE BEHIND THE PROJECTS
NOMINATIONS CLOSING NEXT WEEK URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
42
print
Print
IndustrialDinah Lewis BoucherThu 23 Apr 20

Mirvac Wins Approval for $250m Auburn Industrial Estate

efcb1813-b63c-42cf-8056-fd235e436a86

Mirvac has secured development approval for a $250 million logistics hub in western Sydney, spurred by online sales trends in the wake of coronavirus confinement measures.

The ASX-listed developer won approval from Cumberland Council to develop the 14-hectare site at 300 Manchester Road, Auburn, into an industrial estate and employment precinct that blends flexible warehousing and office space.

Mirvac will undertake the 73,000sq m project in a joint venture with an investment vehicle sponsored by Morgan Stanley Real Estate Investing, with whom it purchased the site in 2019 from property group Payce for $94.2 million.

Construction is slated to start in the 2021 financial year.

Mirvac said that the site, located 3.3km from Parramatta CBD and 18km from Sydney's CBD will cater to the surge in online shopping and the growing need for last mile delivery locations.

Mirvac industrial general manager Richard Seddon said that the vision was to deliver a precinct that represents a new age for industrial estates.

"Our plans include bringing leading technology together with unique amenity for future workers and the local community.”

Seddon points to growing e-commerce trends, with more people staying at home, driving the need for new logistics hubs, with recent research from Nielsen showing a 45 per cent growth in online sales in Australia when compared to the same time last year—which is likely to enhance consumer adoption of buying online.

“With more people staying at home, there has been a rapid increase in demand for e-commerce services.

"To meet future needs we are committed to delivering cutting-edge industrial warehouses and logistics facilities like the one planned for Auburn.”

Only last month, the ASX-listed diversified developer withdrew the 3-4 per cent earnings per share growth and 5 per cent dividend-per-share growth it restated when announcing its half-year earnings.

Yet Mirvac continues to push ahead new projects amid the economic uncertainty surrounding Covid-19, also lodging plans for a 143-apartment tower in central Brisbane.

“Against the current climate, Mirvac has adapted its operations and is progressing development plans and construction across its portfolio," Seddon said.

"Continuing momentum on our developments ensures we are well placed to help support the recovery of Australia’s economy on the other side of Covid-19."

IndustrialAustraliaProject
AUTHOR
Dinah Lewis Boucher
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

No Cookie Cutters: Finding Feasibility in HAFF Projects

Patrick Lau
6 Min
Exclusive

Brisbane Transaction Activity Steams Ahead for A-Grade Residential

Taryn Paris
5 Min
Exclusive

Starchitect Ivan Harbour on the Power of Small Spaces

Taryn Paris
6 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
View All >
Local MONNO 111 Lorimer BTR under construction
Build-to-Rent

Local Partners MONNO for $350m Docklands BtR Tower

Leon Della Bosca
Development

South-East Queensland Ripe for Investment, Challenges Remain: Don O’Rorke

Taryn Paris
Mirvac and Mitsubishi Estate Co. Ltd (MEC) have announced a joint venture agreement for the delivery of Mirvac’s
Harbourside project in Sydney, which has an expected end value of over $2 billion.
Residential

Japanese Giant Strengthens $18bn Hold on Australian Property

Vanessa Croll
Mitsubishi Estate teams with Mirvac on Sydney’s $2.3b Harbourside in its latest high-profile investment...
LATEST
Local MONNO 111 Lorimer BTR under construction
Build-to-Rent

Local Partners MONNO for $350m Docklands BtR Tower

Leon Della Bosca
3 Min
Development

South-East Queensland Ripe for Investment, Challenges Remain: Don O’Rorke

Taryn Paris
3 Min
Mirvac and Mitsubishi Estate Co. Ltd (MEC) have announced a joint venture agreement for the delivery of Mirvac’s
Harbourside project in Sydney, which has an expected end value of over $2 billion.
Residential

Japanese Giant Strengthens $18bn Hold on Australian Property

Vanessa Croll
4 Min
Qld Affordable Housing New Strategy hero
Affordable & Social Housing

Qld Unveils Affordable Housing Supercharge Strategy

Phil Bartsch
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/mirvac-development-approval-auburn-industrial-estate