Leighton & Mirvac win $1.7bn project

MIRVAC and Leighton Properties have picked by the NSW Government development agency Landcom to deliver a major component of the $1.7 billion Green Square Town Centre development.

NSW Planning Minister Kristina Keneally said despite current economic climate, Landcom received three tenders. Mirvac/Leighton was picked by Landcom over Lend Lease, and Citta/Babcock & Brown partnership.

The JV will co-develop the first phase of the project which represents 6ha or 200,000 sqm of gross floor area.

The 14ha Town Centre will provide a mix of residential, retail and commercial development as well as the creation of public open space comparable in scale to Martin Place. Approximately 45% of the land earmarked for the Town Centre, at the intersection of O’Riordan and Bourke Streets in Zetland, is controlled by Landcom on behalf of the Government. The balance of the land is held by a small number of private parties.

Construction will begin in 2010 and when it is completed, it will provide over 2,500 homes and offices for 7,000 workers serviced by existing transport infrastructure. The project will create $3.2 billion worth of investment and 4,000 additional jobs.

“I look forward to working with the City of Sydney as the Government makes this project happen, getting the concrete pouring on foundations for new shops, homes and offices.

“By the year 2031, the entire 280 hectare Green Square Precinct is expected to house 28,000 residents and 22,000 employees,” she added.

“The Town Centre will become the commercial, retail, transport and cultural hub for the wider Green Square Urban Renewal Area, which is the largest of its kind in Australia,” she continued.

Keneally said the Department of Planning will review the proposal to ensure it meets Local Environment Plan.

Australian Property Journal