ASX-listed developer Mirvac has acquired the two remaining residential stages of a $2 billion development in Sydney’s Green Square Town Centre.
The final stages of the project were sold to Mirvac by Landcom, the NSW government’s land and property development agency and major landowner within the Green Square Town Centre, for an undisclosed sum.
The remaining stages, comprising nine buildings in total with about 800 build-to-sell apartments, 7,600sq m of retail space and 47,500sq m of commercial space, will kick off construction in mid-2022.
The Green Square suburb is the $13 billion urban renewal project between Landcom and the City of Sydney, with Mirvac as a key developer.
Green Square, publicised as one of Sydney’s largest urban regeneration projects, spans the suburbs of Alexandria, Zetland, Waterloo, Rosebery and Beaconsfield.
Mirvac head of residential Stuart Penklis said that despite the economic downturn the developer remained ideally placed to complete the transformation of Green Square into a vibrant global village.
“This acquisition is in line with our urban strategy to restock our residential development pipeline with projects that are well located with strong demand,” Penklis said.
“[This] relationship is a great demonstration of a state-owned corporation working in conjunction with the private sector to deliver high quality diverse housing, progressive social and physical infrastructure.”
Landcom, the major landowner within Green Square, has held a project agreement with Mirvac since it made its first moves to develop 5.1 hectares of land in 2012.
Mirvac has spearheaded work on the town centre during the past eight years, while Landcom has spent more than 20 years planning, acquiring and amalgamating land and remediating the site.
Together, Landcom and Mirvac have completed 476 apartments within projects Ebsworth and OVO, as well as a new high street in the town centre and the upcoming release of 323 apartments and terrace homes in the masterplan’s current stage, which Landcom remains involved in.
Ovo, Ebsworth and proposed apartment buildings will make up 1.4 hectares of completed housing development by Mirvac in the precinct.
Mirvac’s forthcoming Green Square buildings will be connected to its existing Ovo and Ebsworth developments.
Landcom executive general manager projects Scott Gregg said the state developer would continue to play a foundational role in establishing the Green Square Town Centre.
“Green Square is one of the highest-profile and largest urban renewal projects in Australia,” Gregg said.
“It has required careful management to resolve complex, fragmented land ownership, navigate multiple government agency involvement and position the area as an attractive investment for the private sector.”
The transaction will now enable Landcom to increase new investment in creating more affordable and sustainable communities in New South Wales.
Not-for-profit City West Housing has 104 affordable apartments at 130 Portman Street; and the City of Sydney has committed to building several key community projects in the area, including a $32 million cultural precinct, an aquatic centre, new green spaces, a library and a new public park known as the Drying Green.