Mirvac's Transformative Project on Melbourne's Northbank is Approved

Mirvac Group (ASX:MGR) has received planning approval for a new mixed-use precinct at 7 Spencer Street on Melbourne’s Northbank, paving the way for construction to begin mid to late 2021. 

Mirvac’s new precinct includes an innovative 45,000 square metre office tower and a build to rent offering, known as LIV Aston, featuring 472 apartments designed and delivered exclusively for renters.  

The precinct also features a welcoming public realm focused on wellness, sustainability and amenity, with a variety of public spaces and green retreats activated through curated events for future workers, residents and the public to enjoy.  

The approval comes at a crucial time for Melbourne, with the project well placed to contribute to the city’s economic recovery. The development has the potential to generate 3,200 jobs in construction and will accommodate an estimated 5,000 workers when complete in 2024.

Brett Draffen, Chief Investment Officer at Mirvac said the precinct represented a once in a generation opportunity to unlock the value of this inner-city site for the benefit of the whole Melbourne community. 

“Paying homage to the site’s rich history of exchange and trade, Mirvac’s vision for the precinct is to create a welcoming and engaging 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.”

The 32 level build to rent tower will offer a mixture of studio, one, two and three bedroom apartments, 2,800 square metres of flexible office space and over 2,300 square metres of amenity including a pool, gym, co-working spaces, multimedia and wellness rooms, business lounges, entertaining spaces and a dog park. 

Once underway, the office tower will feature 20 levels with floor plates of up to 3,000 square metres and pioneering sustainability features. The ground plane will create an open and welcoming experience through customer-led design thinking, innovative technology, connectivity and activation. 

Angela Buckley, Mirvac’s General Manager, Build to Rent said the decision to include a build to rent component was driven by an understanding of Melbourne’s changing lifestyles.

“Increasing numbers 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,” added Ms Buckley.

Situated on the bend of the Yarra River, the towers will provide expansive views across the water and city, with an abundance of natural light. Located in close proximity to transport hubs including Southern Cross Railway Station, the site is also positioned to capitalise on the proximity to the South Melbourne markets and Southbank.

Mirvac will work with lead architect Fender Katsalidis, as well as Hecker Guthrie for the build to rent interiors, and Six Degrees Architects to create an engaging and activated ground plane and retail experience for residents and the wider community. Construction commencement is planned for mid to late 2021.