MIRVAC SETS SIGHTS ON

MIRVAC has laid plans for a new masterplanned community in south-west Brisbane, after securing a 481 hectare parcel in Greenbank.

The developer is proposing to build more than 3000 residential homes on the site, which is situated in the Greater Flagstone Priority Development Area.

A development application is expected to be lodged with Economic Development Queensland later this year.

Mirvac head of residential John Carfi says south-east Queensland continues to be a key focus area for the group.

"There is a lot of opportunity in the south-east Queensland property market," Carfi says.

"We finalised development on two, long-term masterplanned community projects earlier this year Mossvale on Manly and Sanctuary on Moggill and have been strategically looking for a new site for our next major community, to diversify our offering in Queensland.

"As part of the Greater Flagstone Priority Development Area and with its proximity to the Brisbane CBD, Greenbank is set to be a major centre for growth in the coming years, and we look forward to playing a central part in that expansion."

The off-market acquisition follows a string of new projects for Mirvac, including Unison in Newstead, Art House in South Brisbane, Aston Grove in Bridgeman Downs and Greystone Terraces at Everton Park.

The developer will also roll out its Gainsborough Greens masterplanned community in Pimpama, after selling 450 homes.

Carfi says the new community would feature a primary school, neighbourhood centre and a major recreational and sports park.

"We are planning to dedicate over 100 hectares of the site to green open space, which will retain the character of the area and create a real family-oriented community," he says.

"We have identified the strong demand for new residential communities in this area, with existing employment, retail, education and transport infrastructure all in easy reach."

The site is located opposite the Greenbank Shopping Centre, and 10 minutes away from Mirvac's Orion Shopping Centre which is undergoing a $154 million expansion.