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Mirvac has finalised a project delivery agreement with Pioneer Fortune to develop a masterplanned community south-west of Brisbane.
The Monarch Glen project, with an end value of $2 billion, will deliver around 7300 residential sites, plus schools and social infrastructure, across a 1000ha site near Mirvac’s Everleigh project at Greenbank, 38km from the state capital.
Mirvac chief executive of development Stuart Penklis said the development with Pioneer Fortune would leverage the “strong brand and track record in the growth corridor”.
“This will be our largest masterplanned community to date in Queensland and presents Mirvac with a capital-efficient opportunity to restock our pipeline and apply our 52 years of experience in creating exceptional communities for our customers,” Penklis said.
The developer will preserve a large green corridor of more than 400ha through the Dairy Road, Monarch Glen site.
Mirvac general manager of residential development in Queensland Warwick Bible said the project would allow the opportunity to regenerate and enhance biodiversity and habitat, while delivering critical housing supply.
“Housing supply remains a critical issue and this project is aligned with the Queensland Government’s ShapingSEQ 2023 blueprint to deliver 900,000 new homes in Queensland’s south-east by 2046,” Bible said.
“The site is a significant zoned landholding in Queensland and part of the State Government’s Greater Flagstone priority development area.”
Bible said Mirvac would work closely with the government and community to deliver housing for the region.
The developer has build-to-rent and build-to-sell projects at Newstead under construction, Charlton House at Ascot also under construction, and Everleigh at Greenbank.
Subject to receiving development approval, Mirvac expects to launch the development in 2025 with first settlements forecast for 2027.
