Mirvac Announces New Joint Venture At Smiths Lane Melbourne
Mirvac has announced that it has entered into a 50 per cent joint venture with leading Thai real estate development company, Supalai, to deliver future stages at its masterplanned communities project, Smiths Lane in Melbourne.
Smiths Lane is a 260-hectare site located approximately 55 kilometres south-east of Melbourne’s CBD. The project is expected to be home to over 7,500 residents in the next ten years, with over 56 hectares of public open space planned. It will include a new local town centre, a government primary school, a private primary and secondary school, two active open space precincts with sporting ovals, seven local parks, community facility, wetlands, and walking and cycle trails along Cardinia Creek.
The Smiths Lane community comprises over 2,100 future lots, with an expected total end value of over $1 billion. Mirvac will remain as the master developer for the project, responsible for the delivery of key amenity, while providing development and sales and marketing services to the joint venture.
Mirvac’s CEO and Managing Director, Susan Lloyd-Hurwitz, said, “We are thrilled to be entering into a joint venture partnership with Supalai, which is line with our strategy to grow our third-party capital with aligned capital partners. This joint venture will allow us to redeploy capital into new projects and recycle capital as part of our asset sales program.
“We have a strong track record of securing capital partners to deliver a number of residential, commercial and mixed use projects across the country.
“Supalai shares our vision at Smiths Lane to develop a thriving community that provides residents with an exceptional level of amenity, along with an abundance of green space. This joint venture provides Supalai with access to high-quality Australian real estate, and we look forward to working alongside them to continue to deliver this community.”
Chairman and CEO of Supalai Public Limited Company, Dr Prateep Tangmatitham, said “I’m very pleased to establish this relationship with Mirvac Group, one of Australia’s leading real estate developers, in this high-quality, high-profile residential project, and look forward to further developing our relationship in the long-term."
Supalai PCL is a leading real estate development company listed on the Thai stock exchange (SET:SPALI), with a market capitalisation of approximately AU$2 billion. Supalai started building residential and commercial assets in 1989, and in 2014, commenced direct investment in Australian real estate development projects with reputable joint venture partners. This investment represents Supalai’s 12th project in Australia and their largest to date.
Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.
Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.