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- Mirvac Group (MGR) has exchanged contracts to purchase 7-23 Spencer Street in Melbourne for $200 million
- A 40,000 square metre office tower and a build-to-rent apartment tower with 430 apartments will be built
- Settlement is expected to occur between March 2020 and August 2021
- Mirvac will go into the Christmas break up a slight 0.62 per cent with shares trading for $3.24 each
Mirvac Group (MGR) has exchanged contracts to purchase 7-23 Spencer Street in Melbourne for $200 million.
Located on the block of currently vacant land in Melbourne’s Flinders West precinct, the former site of the Melbourne Convention Centre has convenient connections to the CBD, Southbank and Docklands.
Subject to planning approvals, Mirvac’s vision is to transform the site into a vibrant mixed-use urban neighbourhood comprising of a 40,000 square metre office tower, and a build-to-rent apartment tower with 430 apartments.
Both towers will be completed with high-quality amenity and retail space.
CEO and Managing Director Susan Lloyd-Hurwitz said this purchase gave Mirvac an unique opportunity to secure a large development site that will strengthen both its commercial and build-to-rent portfolios.
“Flinders West is earmarked to be one of Melbourne’s most transformative precincts over the next three to five years,” Susan commented.
“This site provides us with an opportunity to add to our high-quality Melbourne office portfolio and grow our burgeoning build-to-rent portfolio in a location supported by strong transport links, ongoing infrastructure investment and favourable demographics,” she added.
It is believed that this development will be one of Melbourne’s most sought-after office development opportunities.
This purchase is in line with Mirvac’s development return hurdles, and settlement is expected to occur between March 2020 and August 2021.
Mirvac will go into the Christmas break up a slight 0.62 per cent with shares trading for $3.24 each in a market cap of $12.74 billion.
