Mirvac to Develop $300 Million Melbourne Fruit & Vegetable Markets

Mirvac Victoria today (Tuesday, 26 February 2008) bolstered its industrial/commercial division with the announcement it has entered into a joint venture partnership with The Melbourne Markets’ Strategic Alliance to  pursue development options for the future Melbourne markets at Epping.

In a deal worth over $300 million, the joint venture partnership will see the relocation of the existing wholesale fresh, vegetable and flower markets in Footscray Road to a site identified by Government at Cooper Street, Epping, in Melbourne's north.
 
In addition, Mirvac will develop adjoining industrial land for commercial purposes, providing warehousing and associated uses complimentary to the market with a gross realisation to the tune of $350 million.

Mirvac Victoria CEO Greg Collins said “This development will include innovative, purpose built facilities incorporating new technology designed to maximize efficiencies between the Fruit and Vegetable Markets and the adjoining development”.

Mirvac will also provide development management services for the construction of the market complex.
                                                                                                                                       
This announcement represents another significant step towards Mirvac’s strategy of diversification into commercial and industrial development.
“In addition to our financial strength, Mirvac brings an integrated suite of design, development, construction, and marketing skills to the joint venture” said Mr Greg Collins, CEO Mirvac Victoria. 

“A dedicated team has been assembled to deliver these skills to the joint venture and we are committed to fast tracking the project for the benefit of the market community, the State and our shareholders”, he added.

Shane Schnitzler, Chairman of the Strategic Alliance, the body representing growers, wholesalers, retailers and a diverse services community in Footscray Road, is similarly enthused about the joint venture partnership.

“The joint venture with Mirvac enables the community to participate fully in the design, delivery, and management of the $300 million new market complex at Epping, develop complementary logistics facilities adjacent to the market, and positions us to work towards achieving our aim of future ownership of the market complex,”.

Related Items :

• Sydney's vacancy rates continue to plummet
• Latest vacancy rates provide no relief
• Rental vacancies at 25-year low
• Multiplex Group in Australia and New Zealand Changes Name to Brookfield Multiplex
• Strong rural economies support real estate growth
• Adelaide's real estate market returns to boom conditions
• Ray White Invest & Blair Group Buy Currambine Marketplace, Perth, For More Than $50 Million
• Rental situation at crisis point