- Mirvac Group to develop mixed-use project on 7 Spencer Street, Melbourne.
- Residential area to be renters only as part of new strategy.
- Expected completion by 2024, creating 3,200 jobs in construction and some 5,000 when complete.
Mirvac’s move to make Melbourne’s latest development on 7 Spencer Street a renter only building seems like a strange move, but it may pay dividends in the long run.
Melbourne University recently published an article on how “home ownership will remain a pipe dream for many”.
The upshot of it: the Great Australian Dream, subsection b, means long term renting is in for some time to come.
Mirvac general manager Angela Buckley said Build to Rent was a reflection of the changing Melbourne lifestyle, and also drew from learnings elsewhere on the eastern seaboard:
“We are using our valuable learnings from our first market-leading operational build to rent property at Sydney Olympic Park,”
The mixed-use development, recently receiving planning approval and the build is expected to be completed by 2024.
The 45,000 square metre office tower has 472 apartments to boot, as well as multiple retail offerings.
Placed in the heart of Melbourne, opposite South Wharf, the development is expected to be part of the city’s recovery as people gradually return to offices.
The building is being described as an urban village, the land was reported in The Urban Developer as sold to Mirvac for $200M.