This article is from the Australian Property Journal archive
LOW-profile Chinese-backed firm Roberts Jones Funds Management has again figured in one of 2021’s biggest land deals, selling an 80-hectare parcel in Sydney’s fast-growing south west to major developer Mirvac.
Roberts Jones had bought the site three years ago for $232 million from McIntosh Bros. The site will yield about 950 lots and is less than 10 kilometres away from Mirvac’s recently completed Crest project at Gledswell.
Plans for the community include lot sizes ranging from 225 sqm to 1,000 sqm, playing fields, a future town centre and community facilities. A large riparian corridor will be preserved and restored as a recreational parkland and home for flora and fauna.
Mirvac expects development approval for the first 150 lots is shortly.
Roberts Jones gained prominence earlier this year when it picked up 344 hectares of land around western Sydney’s future airport for $499.95 million from the Medich family.
The land had previously appeared set to be put into the hands of another Chinese backed group, ASX-listed developer Boyuan Holdings – Robert Jones’s development manager – which had planned an industrial, health and shopping centre precinct that would deliver 38,000 jobs and $14.3 billion to the region’s economy, to be developed by a consortium that included Western Sydney University, Scentre Group, and surgeon Charlie Teo.
However, Boyuan’s acquisition was never completed, and the property was eventually sold to Roberts Jones. Executives at Roberts Jones have worked at Boyuan in the past, and Boyuan was to remain involved in future plans for the site. Roberts Jones has since lodged plans for an industrial project and looked at selling part of the land.
Commenting on the Cobbity deal, Mirvac head of residential, Stuart Penklis said the company was “excited to once again be in a position to contribute to Sydney’s rapidly evolving south west corridor” having just delivered Crest.
“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,” Penklis said.
“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.”
He said land and homes in the area are experiencing strong demand due to significant local infrastructure investment including the new Western Sydney airport and Aerotropolis now taking shape.
“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.”
The acquisition adds to Mirvac’s 26,500-lot residential pipeline.
Mirvac recorded 902 residential sales in the September quarter, up from 661 in the previous corresponding period, with pre-sales up to circa $1.3 billion for the quarter, up from $921 million a year earlier. There were 551 residential lots settled, up from 483, with more than 2,500 lot settlements scheduled for FY22.
Mirvac has recently lodged a development application for the next stage of its $1 billion Waterfront Newstead community on the Brisbane River, including a new 25-level building with 135 apartments, shortly after it submitted revised plans for the tallest tower in its Docklands community on the edge of Melbourne’s CBD as it touted a strong uplift in demand for apartments.
