Property developer Mirvac Group (ASX: MGR) has acquired Harold Park Paceway, Sydney, to be developed into a 1,200 lot masterplanned community, representing total forecast revenue of over $1 billion.

Harold Park Paceway, home to the NSW Harness Racing Club, is located in Glebe, approximately 2.5 kilometres from the Sydney CBD and comprises 10.6 hectares of land. Harold Park benefits from the light rail which is located immediately adjacent to the site providing direct link to Central Sydney.All the major developers had expressed interest in the site, given its proximity to the CBD.

Mirvac said Harold Park reinforces its development growth strategy, following on from the strong sales momentum at its recent project launches at Waterfront Newstead, Yarra's Edge, Docklands, Rhodes Waterside, Sydney and Endeavour 88, Sydney.

Mirvac's proposed scheme incorporates 1,200 medium density dwellings and will deliver significant benefits to the local community including the dedication of 3.8 hectares of public open space. Development of the site is expected to commence in early 2012, with settlements forecast from financial year 2014.

The project will provide a significant boost to the local and state economies generating approximately 3,500 direct jobs during construction.

Mirvac's Managing Director, Nick Collishaw, said, "We are extremely excited about our success in securing this prime site, as it is a clear fit with our core competencies.

"Mirvac's ethos is to create great places for life which we have demonstrated for almost 40 years with an unparalleled ability to deliver integrated, generational masterplanned communities. Key examples of these include Raleigh Park, and Walsh Bay in Sydney, Beacon Cove in Melbourne and Waterfront Newstead in Brisbane," Mr Collishaw said.

Mirvac shares were placed in a trading halt ahead of the announcement and at 1147 AEDT were at $1.27.