Mirvac still sees value of Build to Rent

The property developer has a State Significant Development Application on exhibition for 800 residential apartments, 514 student units, and 511 Build to Rent homes in Sydney’s most densely populated suburb.

The $1.23 billion capital development in Green Square, about 3.5km south of the Sydney CBD, is across three mixed-use buildings up to 21 storeys in height.

The 800 residential apartments, designed by an architectural team that included Mirvac Design, DKO and Tonkin Zulaikha Greer, would range from one to four bedrooms.

The 13,509msq site would apply Floor Space Ratio of 6.78:1 to yield 76,980msq of residential Gross Floor Area and 14,764msq of student accommodation GFA, as well as non-residential GFA of 3,149msq. A mid-2026 construction start is slated.

Stages 1 and 2 of the Green Square Town Centre project have already been completed, creating about 800 homes across eight buildings. Mirvac took complete ownership of the precinct’s delivery after Landcom exited in 2020.

In July 2023, Mirvac reduced its stake in its operational Build To Rent assets LIV Indigo in Sydney and LIV Munro in Melbourne, and pipeline assets LIV Anura in Brisbane and LIV Aston and LIV Albert Fields in Melbourne, to 44% in a $1.8 billion capitalisation. 

Mirvac has a publicly stated goal of 5,000 Build to Rent apartments in the medium term.

The group also owns 40% of land lease community operator Serenitas.