Mirvac set to launch second building at Olympic Park development, targets FHBs

Mirvac will launch the second building at its Sydney Olympic Park development, Pavilions, in September and is targeted towards first home home buyers.

In February, Mirvac announced The Right Start initiative — where first home buyers get the first pick of apartments —  at the launch of the first stage of Pavilions. 

The scheme also offers a lower deposit and assists with the process of buying off-the-plan.

Mirvac said more than one-third of the total 69 apartments in the new building release, Verde, will be reserved for first home buyers and priced below $650,000 to qualify for full stamp duty exemption with around a dozen under $600,000, meeting the criteria for the state government’s $10,000 first home owners’ grant. 

First home buyers will be able to exchange on a 5 per cent deposit and pay the remaining 5 per cent in two annual instalments.

The 12-level Verde building will comprise one, two and three bedroom apartments from $595,000. Two and three bedroom split level terraces start from $1.39 million and have their own street entry. 

Mirvac general Manager NSW Residential, Toby Long, said the successful launch of Pavilions showed demand coming from a diverse range of buyers from all over Sydney with a greater proportion of first home owners.

“The Right Start lowered the deposit hurdle to get into the market allowing 55 people who had been locked out of the market to realise their dream of moving out of home or making the transition from renter to home owner,” said Long.

“That was a fantastic result and we believe first home buyers will find the boutique nature of Verde in a premium development appealing.”

Currently, more than 80 per cent of the released apartments have sold.

Mirvac recently said during its earnings announcement that it achieved a record high lot settlements for the year ending June 30, while maintaining less than 2 per cent defaults. 

The development falls in the area for which the NSW government has earmarked $10 billion for infrastructure spending, including a station on the proposed Parramatta to Sydney Metro line.

“We have a long and proud history in this area and buyers are familiar with our completed projects at nearby Rhodes Waterside, Newington and Cabarita,” said Long.

Mirvac built the Athletes Village before the Sydney 2000 Olympics.

Long said the terraces added a new dimension to living at Sydney Olympic Park for buyers who wanted the lifestyle benefits of Pavilions along with the comforts of a house and courtyard.

“High-rise living is an appealing lifestyle for many however there are others, particularly families, who value being able to walk through their own front gate and enjoy the outdoors in the privacy of their own courtyard.”

Residents’ facilities at Pavilions will include a community room, gymnasium, play area for children and landscaped spaces. There is a 4,000 square metre central courtyard as well.

The existing retail and office space is expected to expand to provide for 34,000 new jobs.