Mirvac in Preston Beach deal

PROPERTY investor and manager Mirvac Group Ltd has entered into an agreement with two private companies, MAP Nominees Pty Ltd and Preston Beach Resort Pty Ltd, to develop a 424-hectare site at Preston Beach, 120 kilometres south of Perth. The site includes more than three kilometres of frontage to the foreshore and has the potential to yield over 3,000 residential home sites, once development is complete. Work is expected to start on site in 2009 and the staged project will take about 20 years to complete. Mirvac operates in Western Australia as Mirvac Fini, following the purchase of Perth based Fini Group a few years ago. Mirvac Fini has been responsible for developing three key land estates in Mandurah since 2001. The company says recent statistics show Mandurah is forecast to grow at an average rate of approximately 3.7 per cent a year between 2004 and 2031. This the fastest population growth of any urban centre in Australia and properties in the South West are some of the most highly sought-after in WA.

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