Residential developer Mirvac has signed a joint venture with Canberra-based CIC Australia to develop Googong, a new town south of Queanbeyan.
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Work will begin early next year on the first 337 blocks, and a group of about 15 builders are gearing up to construct a display village.
![Deal to build $1.7b Googong Deal to build $1.7b Googong](/images/transform/v1/crop/frm/silverstone-ct-migration/75445042-4f4c-4072-8799-ffb153d4bcd3.jpg/r0_0_729_638_w1200_h678_fmax.jpg)
CIC chief executive Col Alexander said four multi-nationals had bid for the joint-venture offering and one had offered to take on the entire development.
Googong will take about 25 years to build and when finished will be home to about 16,000 people, living in 5550 homes of varying sizes.
Mirvac has taken a 50-50 share in the venture, which is expected to turn over $1.7 billion over the life of the project.
An artist's impression of the proposed Googong club house
Mr Alexander said the deal demonstrated a major investment by both companies in the local region, which underscored the significance of Googong as a future residential and business community.
''While this announcement is significant for CIC and the future of Googong, very little will change in terms of the way the project will evolve and develop on a day-to-day basis.''
Mirvac chief executive development Brett Draffen said his company was pleased to have joined forces with CIC Australia.
''This acquisition has been made on capital efficient terms, is in line with our residential development strategy and will add to the group's land bank and future growth opportunities," he said.
"This is Mirvac's first residential development in the Canberra market. The Googong township is poised for significant growth as it represents sustainable community living in close proximity to Canberra's CBD."
Googong will have a town centre, community infrastructure and about 183ha of open space including a major common.