Mirvac has bought an 80ha parcel of zoned land in Cobbitty, located about 60km southwest of Sydney’s CBD, to develop into a masterplanned neighbourhood.  

The site was bought from property funds and development firm Roberts Jones for an undisclosed sum.  

Mirvac said the project had the potential to deliver about 950 land lots near its recently completed Crest project at Gledswood Hills. 

The new community will include lot sizes ranging from 225 sqm to 1,000 sqm, as well as playing fields, a future town centre and community facilities.  

“Having successfully delivered Crest, we’re excited to once again be in a position to contribute to Sydney’s rapidly evolving southwest corridor,” said Mirvac Head of Residential Stuart Penklis.  

“Future residents will relish the picturesque rural aspects of this countryside setting, while benefitting from the adjacent Macarthur Anglican school and other established amenity of Oran Park.  

“Land and homes in this area are experiencing strong demand due to significant local infrastructure investment including the new Western Sydney International Airport and Aerotropolis now taking shape.” 

Mirvac said the development approval for the first 150 lots was expected shortly.  

“Over the next 12-18 months we expect a limited supply of new homes in this area, so we are delighted to take this opportunity to restock our portfolio and at the same time support the continued economic development of the region by providing much needed homes for the growing population,” Penklis said.   

Colliers’ Frank Oliveri, who was responsible for the deal, said the transaction showed the strength of the residential development site market in Western Sydney.

“This property was highly sought after by both institutional developers and a number of the large home builders in the region,” Oliveri said.

“Residential lots have increased by over 25% in many parts of the market and developers have paid higher prices to secure land stock in the short to medium term.”

The project is expected to be released in mid-2022. 

The acquisition follows Mirvac’s acquisition of a residential development site in Melbourne in July this year in a bid to grow its Victorian apartment portfolio.  

The 6,496 sqm site was located at 699 Park Street, situated in the Princes Park precinct alongside Princess Hill in Brunswick. 

The deal comes after developer Peet purchased about 15 hectares of land in Belconnen in the ACT from the University of Canberra for circa $67 million last week.