According to The Australian Financial Review, diversified property developer and investor Mirvac has launched its largest solo greenfield project in Victoria so far, a 2250-lot housing estate in Melbourne's north.
Set on 187 hectares in Donnybrook, the estate is called Olivine.
Over the next 10 to 15 years of its development the project is expected to generate $450 million in revenue for the listed player.
The project will one day be home to as many as 7000 people. To accommodate that surge Mirvac has plans for a local town centre and community infrastructure, including health and sports facilities.
To bolster the community infrastructure, Mirvac has struck an agreement with nearby Hume Anglican Grammar to open a new campus at Olivine.
The campus is expected to open in 2019 as the first residents move in. Mirvac is also in talks to establish a government primary school on the estate.
Mirvac is building momentum for its housing estates in Victoria. Already it can lay claim to the state's fastest selling project, Woodlea, which it is developing in partnership with Victoria Investments and Properties.
The greenfield housing market is popping in Melbourne with price growth for a median lot hit 2.8 per cent in the September quarter, the fastest increase in the past six years.
At Olivine, Mirvac will press further with its sustainability agenda, rolling out the second stage of its "house with no bills".
The low energy model house, which is being tested on a Cheltenham estate in Melbourne, will progress to incorporate water and waste technology at Olivine.
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