This article is from the Australian Property Journal archive
MIRVAC has secured the rights to develop a $400 million 1,200-lot masterplanned community site in Marsden Park North in Sydney's north-west.
Mirvac has entered into a delivery agreement with CVC Limited to develop the 153ha site, subject to a number of conditions, including rezoning of the landholding within the next three years.
The site is currently zoned rural residential and was released for planning under the NSW Government’s Precinct Acceleration Protocol in June this year.
“This agreement provides Mirvac with a great opportunity that aligns with our strategy to deliver masterplanned communities in the urban edge,” Mirvac’s general manager masterplanned communities Toby Long said.
“The Marsden Park project will allow us to secure a solid pipeline in the growing North-West corridor, and follows our ongoing success at Alex Avenue in Schofields,” he added.
The development is expected to yield in excess of 1,200 residential lots and commence within the next four years.
Sitting within the Marsden Park North precinct, the site is approximately 5km north-west of Rouse Hill and 12km north of Blacktown. Local amenities include nearby sporting ovals, golf courses and schools as well as Rouse Hill town centre.
CVC holds a 66% interest in the 153ha land.
CVC company secretary John Hunter said although no formal valuation has been obtained for the landholding since acquisition of the site in 2012 for $9 million, based on internal estimates of valuation of similar properties, and potential discounted cashflows from the project delivery agreement, CVC’s share of the value of the project is estimated to be in the vicinity of $40 million.
Australian Property Journal
