Mirvac's $1bn mixed-used development in VIC gets the green light

Mirvac Group has been granted planning approval for its proposed $1 billion mixed-use precinct development which will be located at 7 Spencer Street on Melbourne’s Northbank and construction is anticipated to commence by mid to late 2021. 

“Paying homage to the site’s rich history of exchange and trade, Mirvac’s vision for the precinct is to create a welcoming destination for the community that brings together heritage, retail, work and residential form to support the evolving Melbourne lifestyle. 

“We are looking forward to working closely with the City of Melbourne and deploying our leading workplace, build to rent and placemaking capability in order to create a connected, sustainable and inclusive urban village that meets the needs of the community and sets a new benchmark for mixed-use development in Australia,” Mirvac Chief Investment Officer Brett Draffen said. 

Artist impression (source: Mirvac Group)

The new mixed-use development will comprise of an innovative 45,000-SQM office tower as well as a build to rent offering known as LIV Aston, which will feature 472 apartments that have been designed and built exclusively for renters. 

The upcoming precinct will also feature a public realm for wellness, sustainability and amenity, including several public spaces and green retreats that will be activated through curated events for future residents, workers and the public to enjoy. 

Artist impression (source: Mirvac Group)

LIV Aston is a 32-storey build to rent tower with studio, one-, two- and three-bedroom apartments; 2,800-SQM of flexible office space; and over 2,300-SQM of amenity such as a pool, gym, co-working spaces, multimedia and wellness rooms as well as business lounges, entertaining spaces and a dog park. 

The project is also located near transport hubs such as the Southern Cross Railway Station and the site is "positioned to capitalise on the proximity to the South Melbourne markets and Southbank".

“Increasing number of Australians are choosing to rent and their expectations for high quality service as part of the urban lives is increasing. We believe the growth of the build to rent sector will change that dynamic and give renters the control and customer care they deserve. 

“We are using our valuable learnings from our first market leading operational build to rent property at Sydney Olympic Park, to ensure we deliver on the needs of our customers and the community at Northbank. A mixed-use precinct of this significance and calibre has the potential to redefine city living for Melbourne,” Mirvac General Manager, Build to Rent Angela Buckley said. 

This development of this mixed-use precinct is anticipated to generate about 3,200 jobs in construction and an estimated 5,000 workers to be accommodated once the building has been completed in 2024. 

Mirvac will be working with architect Fender Katsaldis along with Hecker Guthrie for the building’s interiors and Six Degrees Architects for the delivery of an engaging and activated ground plane and retail experience in the new precinct. 

Source: Mirvac Group; The Urban Developer