This article is from the Australian Property Journal archive
MIRVAC has snapped up 50 acres of land at Ingleside in Sydney’s northern beaches.
Head of residential John Carfi Mirvac intends to rezone the site for a future residential development.
The site, which is currently zoned rural residential and forms part of an urban release and rezoning process which commenced in 2013, is expected to have the potential to deliver in excess of 300 dwellings with an end value of $400 million, subject to rezoning and development approvals.
“This acquisition is consistent with our stated strategy and reinforces our ability to identify and secure off market opportunities in tightly held markets.
“For over forty years, Mirvac has been creating high quality, sustainable homes and
communities, and this site represents an important addition to the Mirvac residential pipeline, which is focussed on densely populated urban markets,” Carfi said.
Earlier this week, Sunland acquired a 6.053ha development site in Ingleside from the New South Wales government for $7.25 million plus GST.
The site was acquired by government tender and comprises two land parcels located at 169 and 169a Mona Vale Rd Ingleside, 27km north-east of the CBD.
Managing director Sahba Abedian said the Ingleside site is earmarked for a residential development of approximately 70 dwellings with an estimated end value of $82 million.
Australian Property Journal
