Following a successful eight-years working together under a Project Delivery Agreement on one of the most significant urban renewal projects in Australia, Mirvac Group and Landcom confirm that Mirvac has acquired Landcom’s ownership of the future stages of Green Square Town Centre in Sydney.
Landcom is a major landowner within the Green Square Town Centre, and Mirvac has had a project agreement with Landcom to develop its sites since 2012.
This highly successful collaboration has seen the completion of 476 high-quality apartments within the award-winning Ebsworth and OVO buildings, together with the creation of a new high street in the town centre and the upcoming release of 323 apartments and terrace homes in the current stage, that Landcom will remain involved in.
With the completion of the major infrastructure that now supports the thriving Green Square community, both parties have agreed to Mirvac’s staged acquisition of the remaining Landcom-owned landholdings in Green Square. This includes two future residential stages that are anticipated to commence development from mid-2022, approximately 7,600 square metres of retail space and 47,500 square metres of commercial space.
Mirvac’s Head of Residential, Stuart Penklis said, “Landcom and Mirvac’s relationship is a great demonstration of a state-owned corporation working in conjunction with the private sector to deliver high quality diverse housing, progressive social and physical infrastructure, and significant economic benefits to the people of NSW.
“This acquisition is in line with our urban strategy to restock our residential development pipeline with projects that are well located with strong demand. With our proven track record in the delivery of landmark urban mixed-use precincts, showcasing design excellence together with leading sustainability and community building principles, Mirvac is ideally placed to complete the transformation of Green Square into a vibrant global village.”
Landcom’s Executive General Manager Projects Scott Gregg said, “Landcom is proud to have played a foundational role in consolidating, planning and establishing this development partnership with Mirvac to facilitate the successful emergence of the Green Square Town Centre. This transition will allow Landcom to increase new investment in creating more affordable and sustainable communities in New South Wales.”
Green Square is one of the highest-profile and largest urban renewal projects in Australia and has required careful management to resolve complex, fragmented land ownership, navigate multiple government agency involvement and position the area as an attractive investment for the private sector.
Over the past 20 years Landcom has been fundamental in planning, land acquisition, amalgamations, and significant site remediation in the Green Square Town Centre.
Land dedicated to City of Sydney Council has been developed into an award-winning urban library under a new plaza which, together with the Drying Green and nearby aquatic centre, will provide the diversity of public realm that will act as the community heart to the Green Square Town Centre into the future.