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Mirvac signs deals to buy 278 hectares of land in Melbourne

Diversified property developer Mirvac Group entered into agreements to buy 278 hectares of land in Melbourne's Donnybrook suburb from Boral Ltd. for an undisclosed amount.

Mirvac will incorporate the land to its Olivine master planned estate that will offer playgrounds, a school, childcare facilities, a cafe and easy access to a major shopping center, among other amenities, upon its opening.

The agreement with Boral will see Mirvac oversee the urban development of a 465-hectare site over a multi-decade period, according to a news release.