Mirvac has decided not to proceed with the proposed redevelopment of the Showground station precinct in Sydney, following changes made to the original planning controls.
The NSW Government had updated the plans in December after resolving a dispute with the Hills Shire Council over minimum lot sizes for apartments. Mirvac pulled out of the development since the final planning controls required larger apartment sizes as advocated by the Council.
Critical of the stand taken by the Hills Shire Council, Planning minister Anthony Roberts said that the Department of Planning had consulted with the Council on the final Showground Precinct plan. The Council sought larger lot sizes as they would be more viable for development.
The final plans for the Showground Precinct rezoned 270 hectares around the upcoming Showground metro station, which is expected to be completed next year. On the Council’s insistence, the revised plans capped the redevelopment at 5000 new dwellings, and specified larger-size apartments, which were different from the original plans, leading to Mirvac’s exit.
While the Council cited concerns of overdevelopment for their objections, Mr Roberts favoured smaller and more affordable apartments as he believed larger lot sizes would drive first-home buyers out of the market.
The dispute was, however, resolved with the Council and the Department of Planning modifying the original plans and allowing 30 per cent of total permissible floor space for larger apartments.
The Showground station is part of the NSW Government's $20-billion Sydney Metro project. Several property development companies including Mirvac had taken out options in the Showground Precinct redevelopment.