Mirvac picks up outer Sydney housing site
Having recently completed the Crest community at Gledswood Hills, Mirvac has snapped up a low density housing estate site at nearby Cobbitty.
The 80 hectare Cobbitty Road parcel was offloaded by fund manager and developer Roberts Jones, which acquired it from McIntosh Bros for $232m three years ago with plans for a 990-lot subdivision.
Mirvac is intending c950 dwellings, with blocks sized between 225-1000 square metres.
The first 150 sites should hit the market early next year.
Colliers’ Frank Oliveri was the agent.
“This transaction shows the strength of the residential development site market in Western Sydney,” the broker said.
“This property was highly sought after by both institutional developers and a number of the large home builders in the region,” he added.
“Residential lots have increased by over 25 per cent in many parts of the market and developers have paid higher prices to secure land stock in the short to medium term”.
Cobbitty is about 10 kilometres from Gledswood Hills; both areas form part of a south west Sydney growth corridor.
Elsewhere in the area, AV Jennings is completing a 663-lot estate, Arcadian Hills.
McIntosh Bros is also behind a major local community – the Denbigh Estate (story continues below).
In March, Roberts Jones paid the Medich family c$500m for a 344ha industrial parcel neighbouring the Western Sydney International airport, which is under construction.
That site, in Badgerys Creek, is about 10 km north of Cobbitty.
Mirvac at Cobbitty
A playing field, town centre and community facility will also form part of Mirvac’s Cobbitty site master plan, while a riparian zone will be restored and preserved as parkland.
“Having successfully delivered Crest, we’re excited to once again be in a position to contribute to Sydney’s rapidly evolving south west corridor,” Mirvac head of Residential, Stuart Penklis, said.
“Land and homes in this area are experiencing strong demand due to significant local infrastructure investment including the new Western Sydney International Airport and Aerotropolis,” he added.
“Over the next 12-18 months we expect a limited supply of new homes in this area, so we are delighted to take this opportunity to restock our portfolio and at the same time support the continued economic development of the region by providing much needed homes for the growing population,” according to the executive.
Cobbitty is about 70 kms south west of Sydney.
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