Mirvac pulls out of new Sydney suburb land release at Ingleside on the northern beaches
MIRVAC is one of the country’s leading property groups and it has major landholdings on the northern beaches. Next week however, it is quietly selling one of the biggest sites in a new suburb - and it is a mystery as to why.
Manly
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ONE of Australia’s largest property developers is selling Ingleside land it owns just before the State Government is due to release detailed rezoning plans for the area.
It comes as a real estate insider suggested delays in release of a detailed structure plan for the area had created uncertainty for developers, prompting them to walk away.
The 2ha site — for which Mirvac paid $10 million in 2015 — is surrounded by seven other Lane Cove Rd properties the developer has options on. They are within a proposed land release first slated in 2013. The land release would allow for 3500 homes, a primary school, up to four private childcare centres, community centres and shops in the semi-rural suburb.
The State Government released its initial structure plan for Ingleside in December 2016 but, following community consultation, has undertaken more research.
The Manly Daily sought comment from Mirvac but was unsuccessful. The land that Mirvac owns or has options on is almost 18ha and among the largest blocks in the suburb. It is for sale through CBRE with expressions of interest closing on Monday.
Ingleside resident and real estate agent Duane Hunter, of Hunter Real Estate, said many property owners thought rezoning would happen in six to 18 months.
But the process has taken longer as the government first investigated a rare yellow orchid in the area, then road widening and now bushfire threats.
“There is uncertainty in terms of time frame because of the constant issues that keep coming up,” he said.
“First it was the yellow orchid, now it is bushfires, next it will be something else,” he said.
“Residents’ lives are on hold, Mirvac is on hold and everyone is at a standstill until the draft plans are released.”
Frank Oliveri, of CBRE, which is selling the land, described it as “a once in a generation development opportunity”.
The Planning Department has been conducting community consultation about the precinct plan and people have submitted long lists of concerns with transport and traffic topping the list.
A Planning Department spokeswoman said they were “strategically planning for the long term”.
“We are working closely with councils, other government agencies and experts to get it right,” she said.
“The complexities of managing diverse stakeholder groups, competing priorities and incorporating technical studies and other considerations has meant that the planning process has taken longer than anticipated.”
She said the safety of people was paramount and an update would come later this year.
“The department is carrying out a bushfire risk assessment for Ingleside. Once finalised, we will work with the local council, RFS and technical consultants to review and, if required, amend plans for Ingleside,” she said.