Mirvac, Lendlease, Stockland, Frasers shortlisted for Waterloo South

The announcement was made through a media drop to Australian Financial Review (AFR) without the general release of a media statement. As a result the information is only available to public housing tenants if they are in the unlikely position of having a paid subscription to the AFR.

The AFR article provided the developer and the Community Housing Providers (CHPs) they have partnered with - we have provided links to their websites for easy access. The four consortiums are:

Mirvac (www.mirvac.com) partnered with

• Community Housing Limited – www.chl.org.au
• Aboriginal Community Housing Limited – www.achl.org.au
• National Affordable Housing Consortium Limited – www.nahc.org.au is a subsidiary

Lendlease (www.lendlease.com/au/ )

• St George Community Housing - www.sgch.com.au

Frasers Property Australia (www.frasersproperty.com.au ) partnered with

• Bridge Housing - www.bridgehousing.org.au

Stockland (www.stockland.com.au ) partnered with

• Link Wentworth Housing - www.linkwentworth.org.au
• City West Housing – www.citywesthousing.com.au  
• Birribee Housing – www.birribee.org.au (a subsidiary of NSW Aboriginal Land Council)

The consortiums appear to be new pairings of developers and CHPs. For example Fraser's Property successfully tendered for the redevelopment of Ivanhoe Estate with Mission Australia Housing but for Waterloo they have teamed up with Bridge Housing and Mission Australia Housing are not part of any successful bid team. Bridge has previously paired with Deicorp on a couple of developments.

According to the AFR the “NSW government’s Land and Housing Corporation is seeking to establish a Master Development Agreement that will start with the 3000-dwelling Waterloo South component but then offer the same developer – subject to value for money – development rights for the remaining sections of the project that has a $4.4 billion end value”.

The 30 year length of the project will see more of a partnering approach between LAHC and the successful developer to exclude unknown potential risks.

The AFR says “Rising construction costs and uncertainties driven by the pandemic have driven calls for amore collaborative approach in large commercial construction projects. Pushing all risks on to a contractor for a decades-long project could make contractors or consortiums raise prices to cover their risks… Unpredictable weather and supply chain shortages are also prompting developers to take on more risks in construction and infrastructure contracts from builders to ensure that projects get completed.”

If you can get past the paywall you can read the original AFR article at the link Mirvac, Lendlease, Stockland, Frasers in race for $4bWaterloo South