Mirvac, Supalai spend $115m to expand housing estate
Mirvac and joint venture partner Supalai have bolstered the footprint of a Melbourne housing estate taking shape in stages for over a decade.
The partnership has paid $115 million for a 40.9-hectare parcel abutting the master-planned Smiths Lane project.
That 260ha component was itself accrued in pieces.
In 2021 realestatesource.com.au reported a 30ha slice cost $70m.
Mirvac launched the project on a 240ha holding acquired from the local Smith family in 2011.
Thailand-based Supalai bought into the project structure via Gersh Investment Partners in 2022.
The partnership also this week sold a waterfront Geelong site – part of a project replacing the Rippleside Saleyards – for $8.3m.
Estate extends…again
In its 260ha configuration the site was expected to yield c3200 dwellings in product with an end-value circling $1.3 billion.
About 7500 residents would have called it home.
The final land release was scheduled for the 2029 financial year (continues below).
Last year, Mirvac sold a retail development site in the estate to Coles.
This pocket of Clyde North is about 46 kilometres south-east of Melbourne’s CBD, part of the Pakenham growth corridor.
Also today realestatesource.com.au is reporting the Baillieu family sold another piece of the Minta Farm at Berwick, abutting a housing estate Stockland has been developing since 2016.
Growth corridor
The deal comes about 18 months since Dahua Australia listed 75 McCormacks Road, Clyde North (pictured, top).
Dahua paid $104.34m in July 2021, just months after SightStone settled on its 2017 purchase for $45.58m.
The site was approved for about 737 residential lots.
Last year’s campaign carried a c$140m guide.
The holding sits within the McPherson Precinct Structure Plan, approved in December 2018 and gazetted in January 2019.
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