Mirvac will seek a capital partner for a new mixed-use project with an expected end-value of A$800m (€494.5m) in Sydney’s inner west.
The Austarlia-listed real estate group in consortium with John Holland has been selected to deliver Sydney Metro’s integrated station development at Waterloo, in collaboration with the NSW Government.
The state government awarded the A$299m contract to the consortium to undertake the project. As part of a “value capture” agreement, the NSW government would receive A$106m from the joint venture for the air rights to develop the site.
Mirvac said it would seek a capital partner for 50/50 end ownership of the office and retail components, with Mirvac to act as property manager for the office and retail components.
Mirvac’s CEO and managing director, Susan Lloyd-Hurwit, said: “Our vision for this precinct extends beyond the bricks and mortar. We will be a long-term investor in Waterloo.”
Lloyd-Hurwit said the company was committed to realising the potential of the site to help drive meaningful social renewal and enduring value for the broader precinct.
When all components of the project are completed over the next five to six years, there will be three towers and two mid-rise buildings above and adjacent to the station.
Under the plan, which will include residential, office and retail space, at least five per cent of homes will be affordable housing and 70 apartments will be set aside for social housing.
“This opportunity is perfectly aligned with our strategy to develop and own assets in urban locations, and strengthens Mirvac’s significant and strategic land holdings in the southern fringe of Sydney’s CBD,” said Lloyd-Hurwitz.
John Holland CEO, Joe Barr, said: “This project will transform Waterloo and improve community spaces in the inner city for generations to come.
John Holland will build the station, leaving Mirvac to undertake the rest of the integrated development.
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