This article is from the Australian Property Journal archive
MIRVAC has been granted approval for a $1 billion two-tower mixed-use development in the Melbourne CBD.
The Fender Katsalidis development, located at 7 Spencer Street, will consist of a 20-storey commercial tower and a 32-storey build-to-rent tower connected at the podium level by a retail site.
“Comprising a build-to-rent apartment building combined with a landmark office tower, this will be a lively new place to live and work and will leave its mark on Melbourne in a generous and meaningful way,” said Craig Baudin, director at Fender Katsalidis.
Mirvac continues to invest in Melbourne’s emerging BTR sector, with the development of their Milieus coloration effort Albert Fields in Brunswick moving forward.
“With build-to-rent still a new typology in Melbourne, the project is unique by showing how it can engage and integrate with an adjacent office building within a single precinct. It signifies the direction of residential living in the city while also catering to agile workplaces with large, flexible floorplates,” adds Baudin.
BTR properties are spreading across the country, with the first project on state-owned in Queensland being announced for the former site of the Children’s Court in Brisbane.
The sector reached 11,000 units mid-2020, when there was an estimated additional 10,000 units in the pipeline.
The buildings will activate the emerging Northbank precinct, creating new laneways into the city and to Southern Cross Station, as well as bringing out of business hours’ activity to the area.
With Baudin claiming this development “will revitalise and reconnect this overlooked corner of the city.”
“This is a key site, enjoying a privileged position at the bend of the Yarra, and we are drawing in many different aspects of Melbourne, from industrial heritage and rail to greenery and the river.”
The connected podium of the towers will feature textured and landscaped components, with the tower designed with “simpler and cleaner lines”.
This kind of design can be seen in two recent Fender Katsalidis designed developments, GPT’s $320 million Parramatta office tower and Dexus and Frasers $2.5 billion Central Place development in the Sydney CBD.
