Mirvac Confirms Purchase of Austral Bricks Site, Scoresby for $100 million

The 56 hectare former Austral Bricks site was purchased from Brickworks Limited and is earmarked for an expansive residential development, to be undertaken by Mirvac Development Victoria.

Located at 525 Stud Road, Scoresby, in Melbourne’s south eastern growth corridor, the site is 25 kilometres from Melbourne’s CBD and six kilometres north east of Mirvac’s Waverley Park housing estate.  It is currently being rezoned to (predominantly) Residential 1, to enable a proposed master plan of approximately 1,000 dwellings to be constructed on the site.

Grant Hodgetts, CEO Australia, Mirvac Funds Management, said, “This acquisition demonstrates the strength of Mirvac’s integrated platform and our ability to co-invest in unique opportunities, such as the Austral site, with our investors in the Mirvac Wholesale Residential Development Partnership.”

Greg Collins, Mirvac’s CEO Development Victoria, commented, “Mirvac has built on its residential folio enormously in 2007 and this latest acquisition is further proof of our significant growth”.

“The recent success of our Waverley Park estate and the River Homes at Yarra’s Edge, Docklands, are just two examples of the fact there is strong market acceptance of our the Mirvac product.”
 
“There are significant areas of wetlands and parks which will be incorporated into the master plan to create a ‘walkable community’ that can be enjoyed by current and future residents as well as the wider neighbourhood. 

“Our design team are committed to providing innovative and contemporary homes with generous indoor and outdoor living spaces, whilst maximising access to parklands which will incorporate water sensitive urban design principles.”

Managing Director of Brickworks, Mr Lindsay Partridge, stated that “Brickworks was pleased with the level of interest in the site and the excellent result.  We are particularly pleased that Mirvac, which is a long term valued client of Brickworks, was able to secure this site.”

Located approximately one kilometre from Knox City Shopping Centre, and close to schools and public transport, the Scoresby site is within close proximity to the Ferntree Gully exit of East Link, which is due for completion late 2008. 

Market release is expected in 2009, subject to receipt of planning approvals.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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