Mirvac Group
(ASX:MGR) has purchased a prime residential site in Bondi, Sydney, for $53.5 million from the Benevolent Society.
The site is located at 18-22 Ocean Street, with views to Bondi Beach and the city skyline.
The 11,000 square metre dual street frontage site has the potential to deliver over 200 residential dwellings including 1,2 and 3 bedroom apartments.
CEO Susan Lloyd-Hurwitz says the Bondi acquisition strengthens the company’s residential pipeline.
Settlement is expected to take place on December 16.
Mirvac delivered a net profit of $139.9 million in fiscal 2013.
