Mirvac Group and CIMIC Group Ltd. agreed to divest a 2.6-hectare site in Canberra, Australia, to local developer Morris Property Group for A$90 million, lower than the property's A$92 million acquisition price in 2007, The Australian reported.
The off-market deal for the property is being handled by Colliers International.
According to the publication, Morris Property could develop the site at Block 12, Section 63 City, within the Australian capital's City Hill Precinct, into a residential scheme featuring up to 1,000 apartment units, as well as some commercial component.
The site, which can yield over 100,000 square meters of lettable space, is zoned for a range of purposes, including residential, hotel, office and retail. The sellers previously proposed transforming the site into a A$755 million commercial precinct comprising four buildings, but the proposal was shelved after failing to sign up a tenant who would anchor the development, the publication noted March 22.