This article is from the Australian Property Journal archive
MIRVAC has been given the green light on its $280 million all electric apartment development in Melbourne’s inner north.
Located at 699 Park Street in Brunswick, alongside the Princes Park Precinct and around 4km out from the CBD, the 6,500sqm site will be transformed to comprise a collection of 166 one-, two-, three- and four-bedroom apartments, terraces and penthouses.
“Mirvac remains focused on delivering much needed, high quality and well-designed housing options in prime inner-city locations to address the shortage of new homes,” said Elysa Anderson, general manager for residential Victoria at Mirvac.
“The fundamentals that drive residential demand remain strong – low unemployment, wages growth, the return of overseas migration and scarcity of quality product – so the timing is right for us to prepare to launch another highly anticipated apartment project.”
The former hotel features circa 100 metres of frontage to Princes Park, providing city and park views. With the site sitting within walking distance of multiple inner-north suburbs, the University of Melbourne and the Royal Melbourne Hospital precinct.
“The planning approval for this site demonstrates the strength of Mirvac’s brand and ability to deliver in the current market, coupled with prospective purchasers’ ongoing appetite for premium, lifestyle- focused apartments,” added Anderson.
“Responding to unmet demand in the owner-occupier apartment market is a significant opportunity for us, particularly with our unique and strong value proposition of an outstanding location coupled with exceptionally designed product– and we are seeing this at our Tullamore and Yarra’s Edge communities, with FORME at Tullamore over 95 per cent sold and only a handful of apartments remaining for sale in Voyager at Yarra’s Edge.”
Mirvac will work with design practice Bates Smart on 699 park Street, in the third collaboration for the pair, following 2011’s The Melburnian and 2019’s The Eastbourne.
699 Park Street will join Mirvac’s $6.8 billion Victorian residential development pipeline, following the recent launch of Trielle at Yarra’s Edge and the upcoming launch of 31 Queens Lane overlooking Albert Park.
“We have $3.7bn invested in Victoria, across our apartments, masterplanned communities, retail, office and build to rent portfolios in locations around Melbourne. The Mirvac difference, underpinned by the quality of our builds, our design excellence and extensive amenity, is increasingly valued by our purchasers in the current climate.”
With the planning approval now in place, demolition is expected to commence shortly at the site.
