Mirvac Group clinched planning approval from the Hills Council for a A$600 million residential scheme to take shape on a previous IBM site in Sydney's West Pennant Hills suburbs, The Australian reported.
The green light came after Mirvac scrapped earlier plans to build approximately 1,270 residential units on the plot at 55 Coonara Ave. The developer's new approved plans will bring about a scaled-down scheme comprising roughly 400 units and 200 medium-density dwellings in residential towers ranging between two to six floors in height.
The site provides a net lettable area upwards of 34,000 square meters spread over seven interconnected buildings. Mirvac has no plans to develop office space on the site and current tenants would relocate to other suburbs in the city, according to the Aug. 3 report.
As of Aug. 2, US$1 was equivalent to A$1.25.