This article is from the Australian Property Journal archive
MIRVAC has submitted a revised planning application for the tallest tower in its Docklands community on the edge of Melbourne’s CBD, as it touts a strong uplift in demand for apartments.
It comes as the ASX-listed developer unveiled its completed $300 million, 43-level Voyager tower in the Yarra’s Edge precinct and welcomed its first residents. The tower is 82% sold and saw 123 units settled during the September quarter.
Bookending Collins Street, with a north-facing riverfront aspect, tower 9 will rise 45 levels within Yarra’s Edge is proposed to include about 190 residences.
Mirvac plans to launch the tower in the second half of 2022 and expects to attract purchasers in the premium end of the market.
“We are seeing continued resilience in the Melbourne property market, with Voyager receiving strong demand from owner occupiers for quality apartments, supported by exceptional amenity,” Mirvac general manager for residential Victoria, Elysa Anderson said.
Voyager is part of Mirvac’s expanding $1.4 billion Victorian apartment portfolio, which includes the Phoenix, Folia and FORME stages at Apartments of Tullamore in Doncaster; 245 residences at The Eastbourne in East Melbourne; and the Park Street site located alongside Princess Hill in Brunswick which is still in visioning stages.
Mirvac head of residential, Stuart Penklis, says that tower 9 reinforces Mirvac’s confidence in the Victorian apartment market as the state looks to ease restrictions further over the coming months.
“Mirvac is focused on accelerating our supply of high-quality apartments in Victoria as we anticipate there will be a shortage of owner occupier residences in premium locations in the future,” he said, adding that the strength of the established housing market and the opening up of international borders will continue to drive very strong demand for well-designed and quality constructed apartments.
Mirvac saw 902 residential sales in the September quarter, up from 661 in the prior corresponding period, with pre-sales up to circa $1.3 billion for the quarter, up from $921 million. There was 551 residential lots were also settled – including at Voyager – up from 483. More than 2,500 lot settlements scheduled for FY22.
Over 3,000 residents already live at Yarra’s Edge. The 130-metre Voyager comprises 310 apartments including artist and home-office apartments, luxury residences and sky residences. Residents have access to an art gallery in the lobby, along with a residents-only rooftop space on level 43, made up of a social barbecue area with indoor and outdoor dining, a lawn, and an open-air lounge with fire pit. It also features a bar, theatre, and karaoke room.
