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Property developer Mirvac (ASX: MGR) has received the green light for a $280 million development in Melbourne’s Princes Park, which is set to deliver 166 new apartments for the precinct.
Situated on 699 Park Street, the 6,500sqm site will feature one-, two-, three- and four-bedroom apartments, as well as terraces and penthouses.
Previously a hotel, the project features about 100 metres' frontage to Princes Park and is within walking distance to Melbourne’s inner-north suburbs, as well as the University of Melbourne and Royal Melbourne Hospital.
“Mirvac remains focused on delivering much needed, high quality and well-designed housing options in prime inner-city locations to address the shortage of new homes,” Mirvac residential Victoria general manager Elysa Anderson said.
“The fundamentals that drive residential demand remain strong – low unemployment, wages growth, the return of overseas migration and scarcity of quality product – so the timing is right for us to prepare to launch another highly anticipated apartment project.”
“The planning approval for this site demonstrates the strength of Mirvac’s brand and ability to deliver in the current market, coupled with prospective purchasers’ ongoing appetite for premium, lifestyle-focused apartments."
The 699 Park Street announcement follows the recent launch of Trielle at Yarra’s Edge, as well as the upcoming opening of 31 Queens Lane – a 15-level residential development that overlooks Albert Park.
“Responding to unmet demand in the owner-occupier apartment market is a significant opportunity for us, particularly with our unique and strong value proposition of an outstanding location coupled with exceptionally designed product– and we are seeing this at our Tullamore and Yarra’s Edge communities, with FORME at Tullamore over 95 per cent sold and only a handful of apartments remaining for sale in Voyager at Yarra’s Edge,” Anderson said.
“We have $3.7 billion invested in Victoria, across our apartments, master planned communities, retail, office and build-to-rent portfolios in locations around Melbourne.
“The Mirvac difference, underpinned by the quality of our builds, our design excellence and extensive amenity, is increasingly valued by our purchasers in the current climate.”
Mirvac has more than $1 billion in BTR developments under construction. In late 2022, the company also completed LIV Munro - a 490-apartment project in Melbourne's Queen Victoria Market (QVM).
The latest apartment project is referred to as all-electric, a term that is often used to describe a development that will rely on clean sources of renewable energy, typically through the use of solar panels or wind turbines.
Business News Australia has reached out to Mirvac to confirm whether the apartments on 699 Park Street will be sourced through renewable energy.
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