Property developer Mirvac Group and construction materials manufacturer Boral have agreed to transform a Melbourne quarry into 1700 residential lots.
The quarry site is around 25 kilometres south east of Melbourne’s CBD, located at Wantirna South (also known as Scoresby) in the Dandenong Valley Parkland corridor.
Subject to rezoning and planning approvals, Mirvac aims to create a mix of house and land packages designed to appeal to customers from the area around the site.
The property developer has also proposed to deliver 11-hectares of public open space, along with a neighbourhood centre with retail, services and community facilities.
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Mirvac plans to restore substantial parklands within the site to its natural state as a home for native wildlife and foliage. The site was formerly a manufacturing plant for Boral Bricks in Victoria.
The proposal follows the two company’s initial venture at Olivine, a planned community in Donnybrook, Victoria.
Stuart Penklis, Mirvac’s Head of Residential, said the site represents a unique opportunity for Mirvac to create an exceptional new community that leverages its unrivalled parkland surrounds in the coveted and established south eastern suburbs of Melbourne.
Boral’s CEO and Managing Director Mike Kane said that Boral has a long and strong track record of delivering earnings from property assets and working with property developers to maximise returns.
“We are pleased to be working with Mirvac on another development project, following an extensive market testing process, which confirmed the strong alignment between our two organisations,” Kane said.
“The Scoresby development will be a significant value-contributor for both Boral and Mirvac, as well as the local community in Melbourne’s south eastern suburbs.
“Together with the Donnybrook development, which we announced a year ago and is also being managed by Mirvac, Scoresby will be an important earnings contributor for Boral over the next 20 years. Scoresby and Donnybrook developments are expected to deliver in excess of $500 million of proceeds for Boral, subject to market conditions over that time and rezoning of Scoresby.”