Mirvac to Develop Residential Site at Sydney Olympic Park

Mirvac Group (“Mirvac”) [ASX: MGR] is pleased to announce it has entered into an agreement with the Sydney Olympic Park Authority to develop an apartment project in Sydney’s iconic Olympic Park precinct.

Located approximately 14 kilometres west of the Sydney CBD and eight kilometres east of Parramatta CBD, the 12,700 square metre site has the potential to deliver approximately 400 residential dwellings over two mid-rise buildings. With a masterplan approval in place, the development is expected to comprise one, two and three bedroom apartments that target the median price point for this market.

Mirvac’s Group Executive Residential, John Carfi, said, “We are excited by the opportunity to work with the Sydney Olympic Park Authority to develop in this emerging residential precinct. The project will provide our customers with affordable residential product in a transforming part of Sydney. We expect strong interest in this project due to the site’s close proximity to train, bus and ferry services, world-class sporting and recreation facilities, employment precincts, schools and regional shopping centres.

“The project agreement is in line with our strategy to develop affordable product in infill ring locations which are supported by good amenity, and follows our successful Rhodes project located nearby."

The project is expected to contribute to earnings in FY19, subject to planning and FIRB approvals.