Mirvac has purchased a 56 hectare residential development site in Melbourne’s south east.
Chief executive officer, Victorian Development, Greg Collins, confirmed the deal with vendor, Austral Bricks.
The disused quarry at 525 Stud Road was marketed squarely to builders.
It is understood Mirvac was chosen over another Sydney outfit, Stockland.
The purchase price is speculated to be north of $80 million.
The site spans parts of Scoresby and Wantirna South, about 25 kilometres from the city.
It is the region’s only industrial-zoned property – the quarry established before the area was filled with housing in the 1970s.
Council is expected to rezone the block Residential 1 which would allow for townhouses; concept plans agents promoted throughout the marketing campaign suggested it could make way for c800 dwellings.
Mirvac nearly finished at Waverley Park
The quarry purchase is tactical for Mirvac, which is running out of supply at its Waverley Park at nearby Mulgrave.
That $1 billion project, which replaced the Waverley Park stadium and car park, includes townhouses and apartments too.
CB Richard Ellis’ Justin Clarkson and Andrew Dawkins represented Austral.
The agents wouldn’t discuss the deal or a rumour that the vendor rejected Stockland’s offer because that builder used a competitor’s product for an interstate development.
Austral, a subsidiary of ASX listed Brickworks – has earmarked another c521ha of land in Melbourne and Sydney which will also be marketed to residential builders; it is valued at c$230m.
Earlier this year, the group offloaded a 19ha parcel in Melbourne’s south east Hallam for $16m.