Mirvac staff snap up Marrickville apartments

Almost 20pc of apartments in Mirvac’s new development in Sydney’s inner west have been snapped up by staff.

Unlike other developers, Mirvac does not have strict rules in place for staff purchases.

Almost 20 per cent of apartments in Mirvac’s new unit development in Sydney’s inner west have been snapped up by the listed company’s staff members.

A Mirvac spokeswoman said 41 Mirvac staff had expressed interest in buying apartments or townhouses in the first release of the Marrick & Co apartment block of 166 units and townhouses last weekend.

Thirty Mirvac staff have so far committed to purchase in the project, which has achieved sales of more than 70 per cent in stage one.

Other developers have strict rules in place for staff purchases.

Rival developer Lendlease had internal regulations to ensure that staff could not buy at the Barangaroo apartment releases in Sydney and only allowed purchasing in limited circumstances.

Stockland, meanwhile, offers residential product to its staff, but prioritises customers and only a small proportion of its master- planned communities is sold to staff.

Prices for the Mirvac apartments in the Marrick & Co development at Marrickville range from $615,000 to $850,000 for one bedroom apartments, $905,000 to $1.45m for two-bedders and $1.495m to $1.75m for three-bedroom apartments.

Terraces are priced at up to $1.975m and will feature private gardens and lawns of up to 60sq m in the development, just 7km from the CBD.

“The fact that a number of Mirvac staff have purchased is a great endorsement of the project,” a Mirvac spokeswoman told The Australian.

“Mirvac has a strict pricing policy.

‘‘Staff do not get a discount and have to buy at list price like everyone else.”

She could not divulge the average sale price of the apartments in the block, which will have 220 apartments and townhouses all up and will be developed on the former Marrickville Hospital site.

Mirvac said Marrickville had been an “outstanding real estate performer in the inner west” with median house prices jumping from $527,000 in 2007 to more than $1.3m over the past few years.

Apartment prices have risen from $310,000 to $660,000.

The project was designed by inner west residents, including Kim Bazeley from Mirvac Design and, Tim Greer and Ksenia Totoeva from Tonkin Zulaikha Greer Architects.

A further nine of the units have been dedicated to affordable housing and will be administered by the council.