Mirvac have acquired a large site in Brunswick, VIC for its next Build to Rent venture with capacity for 400 apartments. Mirvac have reportedly paid approx $35m – $40m for the site with conditions remaining on settlement.
The former industrial property site at 395 Albert St is 7,018sqm and is owned by Singaporean investors, Kenrick Manor. Mirvac originally secured rights to the site in 2017 however it was reported in early 2018 that Mirvac will not be proceeding due to the unfavorable re-zoning of the site. At the time Mirvac were reportedly under contract for $33m. With a new Built to Rent strategy the deal appears to be back on again, though Mirvac have made no comments about the transaction.
The site is zoned as mixed-use by the Moreland City Council, with a discretionary 8 level height limit and suitable for retail, childcare and co-working office space. The deal with Mirvac has extended settlement terms to enable a suitable planning permit to be obtained.
Local developer Milieu Property, who owns an adjoining 2,291sqm parcel of land, will joint venture with Mirvac.
This is Mirvac's third Built to Rent project and follows their first project at Sydney Olympic Park and the acquisition of a 490-unit development overlooking Queen Victoria Markets.
Cushman & Wakefield negotiated the sale of 397 Albert Street on behalf of Kenrick Manor.