This article is from the Australian Property Journal archive
ASX-listed developer Mirvac has finalised a project delivery agreement with Pioneer Fortune for a $2 billion master-planned community with 7,300 residential lots in the City of Logan, south of Brisbane.
The site comprises three lots over 1,000 hectares at Monarch Glen is located within 38 kilometres from Brisbane’s CBD, close to Mirvac’s Everleigh project in Greenbank.
The new community will include state primary and secondary schools, a multiple neighbourhood centres, and a proposed rail station, complemented by a retail offering and green open space. There will also be an Indigenous community centre to provide a space for storytelling and learning.
“The transaction was achieved on capital-efficient terms and demonstrates Mirvac’s confidence in the south-east Queensland property market,” Mirvac said.
Mirvac’s CEO development, Stuart Penklis said this will be the company’s largest master-planned community to date in Queensland and “presents Mirvac with a capital-efficient opportunity to restock our pipeline”.
Subject to development approvals, Mirvac expects to launch the development in FY25, with first settlements forecast to occur in FY27.
Mirvac’s plans for the site will incorporate lessons from its recently completed Gainsborough Greens project on the Gold Coast, where it dedicated over 170 hectares as a nature reserve for residents and the wider community. It intends to preserve a large green corridor within the project spanning over 400 hectares, providing a significant opportunity to regenerate and enhance the existing habitat and support a biodiverse environment.
Mirvac’s general manager – residential development, Queensland, Warwick Bible, said housing supply remains a “critical” issue, and the project is aligned to the Queensland Government’s ShapingSEQ 2023 blueprint to deliver 900,000 new homes in Queensland’s south-east by 2046.
The site is a significant zoned landholding in Queensland and part of the State Government’s Greater Flagstone Priority Development Area.
The unveiling of Mirvac and Pioneer Fortune’s project comes a day after the Miles Queensland government announced that 5,000 new homes are set to be fast-tracked, headlined by Walker Corporation’s $1.2 billion build-to-sell development at Robina on the Gold Coast which will bring 2,750 homes – a state facilitated development (SFD), which expedites approvals for projects that align with the government’s focus on “affordable and well-located housing”.
Once declared by the Minister, applications through the SFD process can be assessed within a minimum of 75 business days. Projects are required to get shovels in the ground within two years of approval.
