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A consortium comprised of Mirvac (ASX: MGR) and John Holland have been selected to deliver Sydney Metro's station development at Waterloo.
The anticipated end value of the development is $800 million and should be completed over the next five to six years.
John Holland will deliver the Waterloo metro station component of the development, while the consortium will deliver the integrated station development component.
The entire development comprises five buildings including three towers and two mid-rise buildings above and adjacent to the station.
The buildings will be used for residential, office, and retail space. At least five per cent of the homes will be affordable housing, while 70 apartments will be set aside for social housing.
Mirvac has announced it is seeking a capital partner for a 50/50 split on ownership of the office and retail components of the development, with Mirvac acting as a property manager for those components.
Mirvac CEO and managing director Susan Lloyd-Hurwitz says securing the development is a 'once in a generation' opportunity to drive social renewal in Waterloo.
"We are honoured to be selected by NSW Government, in collaboration with John Holland, for the opportunity to create a world-class commercial, retail, residential and mixed-use destination for Sydney."
"Our vision for this precinct extends beyond the bricks and mortar; we will be a long-term investor in Waterloo, and we are wholly committed to realising the potential of this site to help drive meaningful social renewal and enduring value for the broader precinct."
"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."
Shares in Mirvac are up 0.47 per cent to $3.22 per share at 11.19am AEDT.
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