Mirvac scores Brickworks' Melbourne site

MIRVAC has paid $102.5 million to buy a large slice of development land in Melbourne's south east.

Brickworks has sold its Scoresby brickworks site to the Mirvac Wholesale Residential Development Partnership Trust.

The sale is a successful conclusion to the tender process for the site, that was strongly contested due to the property being one of the last residential in fill sites available in Melbourne.

The Scoresby sale will be an entrée to a series of planned property transactions for Brickworks in the year ahead, and follows on from a number of significant transactions in 2007 including the sale of the Eastwood property in Sydney to AVJennings for $70 million.

The Scoresby site comprises 56 hectares which is still subject to rezoning approval expected later this month, will involve the staged hand over of the land throughout 2008.

Brickworks managing director Lindsay Partridge said Brickworks was pleased with the level of interest in the site and the excellent result.

“By disposing of Scoresby and other associated clay lands including Hallam and Cranbourne for $16.7 million and $3.3 million respectively, we have been able to pay for the now fully commissioned $45 million plant at Wollert and still secure additional profit for the Brickworks Group,” he added.

The site is situated in Stud Road, just 25 kilometres from Melbourne’s CBD and six kilometres north east of Mirvac’s Waverley Park housing estate and approximately one kilometre from Knox City Shopping Centre.

The site is close to schools and public transport with nearby access to the East Link free, that is due for completion late 2008.

Mirvac’s Victorian chief executive Greg Collins said this latest acquisition is further proof of Mirvac’s significant growth.

“The recent success of our Waverley Park estate and the River Homes at Yarra’s Edge, Docklands, are just two examples of the fact there is strong market acceptance of our integrated housing model,” he concluded.

Australian Property Journal