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Mirvac share price on watch after winning Waterloo metro station contract

The Mirvac Group (ASX: MGR) share price could be on the move on Thursday after a positive update.

What did Mirvac announce?

This morning Mirvac announced that its consortium with engineering contractor John Holland has been selected to deliver Sydney Metro’s integrated station development at Waterloo in collaboration with the NSW Government.

The project has an estimated end value of $800 million and is intended to be completed over the next five to six years.

According to the release, John Holland will deliver the Waterloo metro station and the consortium will deliver the integrated station development component.

The Waterloo concept comprises five building envelopes including three towers and two mid-rise buildings above and adjacent to the station. This includes residential, office, and retail space, as well as community facilities and two new public plazas.

Mirvac will now look for a capital partner for a 50/50 end ownership of the office and retail components. However, it intends to act as property manager for these components.

Mirvac’s CEO & Managing Director, Susan Lloyd-Hurwitz, believes that Waterloo is a once in a generation opportunity to drive genuine social renewal.

She said: “We are honoured to be selected by NSW Government, in collaboration with John Holland, for the opportunity to create a world-class commercial, retail, residential and mixed-use destination for Sydney. Our vision for this precinct extends beyond the bricks and mortar; we will be a long-term investor in Waterloo and we are wholly committed to realising the potential of this site to help drive meaningful social renewal and enduring value for the broader precinct.”

Lloyd-Hurwitz notes that this project is perfectly aligned with its strategy “to develop and own assets in urban locations” and that it “strengthens Mirvac’s significant and strategic land holdings in the southern fringe of Sydney’s CBD.”

The Mirvac share price is up 45% in 2019, but looks set to extend this gain following this news.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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