The share in the $1.1 billion project was bought from Leighton Properties, for an undisclosed sum, although agents said the first stages were valued about $150 million.

The site is on six hectares at South Sydney and will include residential, mixed-use and commercial developments. Analysts said Mirvac could place some of it in a joint venture with its new partners, the TIAA-CREF group.

Leighton Properties is selling its interests across several projects, including its holding in residential developer Devine.

There has been speculation Stockland could be a potential buyer and could use some of the forecast $90 million profit from its 19.9 per cent stake in rival Australand to help finance any acquisition.

Stockland is scheduled to report its full-year results on Monday. Analysts expect the group to confirm it will accept the Frasers Centrepoint offer for Australand, which closes next week.

Mirvac reports on Thursday, August 21.

UBS analysts   expect earnings per share revisions in the residential sector throughout next year, owing to continued strength in the housing sector.

Both Stockland and Mirvac have signalled their intention to expand their housing development.

Australand’s large residential portfolio was a trigger for Stockland’s offer, which was gazumped by Frasers.