Mirvac Partner with Daibiru to Develop 7 Spencer Street Project in Melbourne

26 May 2023

Mirvac has established a strategic relationship with Japanese Real Estate company, Daibiru, which is investing in a 50 per cent share of Mirvac’s next generation workplace development, 7 Spencer Street.

Mirvac’s in-house design and construction teams have commenced works on the project, which is located near the corner of Flinders Street, on the edge of Melbourne’s CBD, and is expected to create 250 new jobs, in addition to the 330-strong workforce at Mirvac’s neighbouring LIV Aston build to rent project.

A workplace of the future, the 21-level 7 Spencer Street, with approximately 46,000 square metres of floor space, will feature over 10 individual terraces, making the most of the river views and abundance of natural light. The site is part of the emerging Northbank precinct, which includes Mirvac’s second build to rent property in Melbourne, LIV Aston, marked for completion in mid-2024.

Mirvac’s Group CEO & Managing Director, Campbell Hanan said, “We are delighted to partner with Daibiru, a respected Japanese commercial property developer and owner, to deliver 7 Spencer, with both our companies committed to creating great quality, future-proofed workplaces of the future.

a group of people sitting in a room with tables and chairs

“7 Spencer Street is the integral final project in the creation of an exciting new true mixed-experience precinct, bringing together a world-class modern workplace, build to rent apartments at LIV Aston, and quality retail and amenity, all located in Melbourne’s emerging Northbank precinct.

“Building a strategic relationship with a high calibre investor like Daibiru, is consistent with our funds management strategy to sell down an interest in our assets to strategically aligned, long-term investment partners.”

Representative Director and president CEO of Daibiru Corporation, Takashi Maruyama said, “We are very pleased to partner with highly reputable real estate developer Mirvac to develop 7 Spencer Street as an optimum project. Our vision to develop top-notch office buildings on the premise of long-term ownership is aligned with Mirvac’s, so we believe that we can enhance our partnership in many years to come. We look forward to creating innovative and attractive workplaces together with Mirvac.”

Fronting the Yarra River and waterfront parkland, the fully electrified 7 Spencer development will target a 5 Star Green Star rating, 4.5 Star NABERS Water rating, 5.5 Star NABERS Energy rating and a Gold WELL Core and Shell rating.

Mr Hanan said: “This project marks an exciting milestone for Mirvac’s growth in Melbourne and follows the successful delivery of the globally-recognised and multi-award winning Olderfleet office building on Collins Street.

“With the new Greenline Project and greater Northbank precinct tipped to attract more than 1.1 million1 additional visitors annually, we look forward to creating a vibrant hub that brings great businesses and workforces together, where retailers will thrive, and residents have the opportunity to live in a new mixed use precinct closely connected to transport and other amenity.”