Mirvac Group has acquired an 80-hectare parcel of zoned land in Cobbitty, Camden, from Australian property funds and development firm, Roberts Jones. The site is located within Sydney’s south west growth corridor.
Title records showed, Roberts Jones Developments obtained title the property in July 2021 for $232m, having acquired the property from long term land holders, the McIntosh family who had held the property since 1910.
The site was rezoned as part of the Oran Park precinct in 2007 and was secured by Robert Jones Developments back in 2018 with settlement completed in full on the 13th July 2021.
Mirvac have not revealed the price of terms of the current transaction, however title records indicate the land was acquired for $380m, providing a substaintial windfall gain of almost $150m to Robert Jones Developments.
Adjacent to the existing suburbs of Oran Park and Harrington Grove, the future masterplanned community has the potential to deliver approximately 950 land lots, less than 10km away from Mirvac’s recently completed Crest project at Gledswood Hills.
Subject to approval, plans for the new community include a range of lot sizes, from 225sqm to 1,000sqm, playing fields, a future town centre and community facilities. The site also contains a large riparian corridor to be preserved and restored as a recreational parkland and natural home for native flora and fauna.
Mirvac Head of Residential, Stuart Penklis said Mirvac plans to continue its legacy in south west Sydney by bringing to life yet another exceptional masterplanned community.
“Having successfully delivered Crest, we’re excited to once again be in a position to contribute to Sydney’s rapidly evolving south west corridor. We look forward to drawing on our wealth of experience in the delivery of greenfield sites, together with our thorough understanding of the local customer base, to bring to life a vibrant, connected new neighbourhood.
“Future residents will relish the picturesque rural aspects of this countryside setting, while benefitting from the adjacent Macarthur Anglican school and other established amenity of Oran Park. 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 now taking shape.
“Our passion for reimagining urban life and our commitment to best practice design, sustainability and placemaking principles will guide the vision and masterplan for this new community as we embark on the creation of yet another legacy project for south west Sydney.”
The first Development Approval for the first 150 lots is expected shortly. Consistent with its other masterplanned communities across the country, Mirvac will target early activation of the amenity in order to set the foundations for a sustainable, connected community.
“The acquisition is on capital efficient terms and is in line with our strategy to build new communities in areas with strong long-term market fundamentals that are surrounded by significant existing amenity and will appeal to a broad customer base. 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,” added Mr Penklis.
The project is expected to be released in mid-2022.