Mirvac Expands Victorian Apartment Portfolio With Acquisition Of 699 Park Street28 July 2021
Mirvac has demonstrated confidence in Melbourne’s apartment market with the acquisition of 699 Park Street, located in the tightly held Princes Park precinct alongside Princess Hill in Brunswick, as it continues to bolster its Victorian residential portfolio.
The 6,496 square metre site is a strategic acquisition, following the extraordinary success of The Eastbourne in East Melbourne and recent launch of FORME, the third and final boutique building within Mirvac’s Apartments of Tullamore precinct in Doncaster, where sales exceeded expectations despite Melbourne’s recent lockdown restrictions.
Mirvac’s Head of Residential, Stuart Penklis, says that the prestigious Park Street site offers an opportunity for Mirvac to strategically expand its pipeline and create a new legacy project at the northern gateway to Melbourne.
“Mirvac is focused on diversifying its portfolio across a range of different markets and is always looking for opportunities to create high-quality apartment offerings. In many ways the Park Street site echoes the essence of East Melbourne, an outstanding location with access to the best cultural amenity, right on the cusp of Melbourne’s CBD,” Mr Penklis said.
Formerly a hotel, the unique site features uninterrupted park and city views and approximately 100 metre frontage to Princes Park. Within walking distance to Brunswick and Carlton North, the prestigious University of Melbourne and the Royal Hospital precinct are part of the local neighbourhood.
“Demand from local owner occupiers looking for quality apartments in well serviced locations continues. More recently, we are seeing the trend towards Right Sizers, with families, couples and singles looking for larger apartments that offer a low maintenance, secure lifestyle, close to amenity – something that Park Street will offer in abundance,” Mr Penklis added.
“We have a strong track record of working closely with authorities, as well as the local community, to deliver projects that enhance and celebrate their location, as well as being sensitive to the surrounding properties and amenity. We are looking forward to reimagining urban life at Park Street and creating a new legacy project.
“Mirvac is in the early visioning stage for Park Street, with the current scheme looking to yield approximately 200 apartment residences in a range of configurations to appeal to a broad selection of purchasers. We have recently seen a trend towards oversized apartments and amalgamations which could see this number change.
“The current plans see the building at various heights stepping back from Park Street to minimise any impact on Princes Park and maximising the spectacular vistas for residents, but we are still in the process of finalising the scheme,” said Mr Penklis.
Park Street joins Mirvac’s $1.4 billion Victorian apartments portfolio, which encompasses 329 apartments across Phoenix, Folia and FORME at Apartments of Tullamore in Doncaster; 245 luxury residences at The Eastbourne in East Melbourne; and Yarra’s Edge in Melbourne, currently home to approximately 3,000 residents with visioning for Tower 9 underway.
Mirvac plans to launch Park Street in mid-2022, with construction anticipated to commence in late 2022.