Docklands development Yarra Point three-quarters sold as Mirvac says the price is right

Developer Mirvac has sold more than three-quarters of the apartments in its latest Docklands residential tower, Yarra Point.

As of September 30, 2011, Mirvac had sold 77% of the apartments in the $200 million, 31-level tower off the plan, with a combined value of $140.1 million.

In its quarterly report, Mirvac said its new release projects are “at the right price points in the right locations”, with 54% of its 2012 financial year lot sales secured by settlements and exchanges. 

In total Mirvac secured 395 lot settlements over the three-month period and says it is on track to achieve 1,800 lot settlements for the 2012 financial year.

The Yarra Point sales figures show residential investors have not been discouraged by a spate of media reports criticising the Docklands development for its lack of community feel, with one describing the precinct as a “purpose-built suburb hugger-mugger with tower blocks and affluence, but lacking heart and soul”.

Yarra Point is located in Yarra’s Edge, the section of Docklands south of the Yarra River, being exclusively developed by Mirvac. 

The $2 billion, 14.5-hectare master-planned site is home to six completed apartment towers comprising more than 750 apartments and 39 river precinct homes. 

Yarra’s Point will feature 201 one-, two- and three-bedroom apartments with prices starting from about $500,000. Construction has commenced, with settlement due to occur in 2013. 

Mirvac has previously sold out all five of the already completed towers as well as its top-end river precinct homes.

It has also received 8,000 registrations of interest ahead of release of its Harold Park project in Glebe in Sydney’s inner west, a master-planned community, which will comprise up to 1,250 new homes on the site of historic Sydney race track.

Mirvac acquired the 10.5-hectare site from the NSW Harness Racing Club last December, with the first phase of 296 apartments and strata-titled terraces set to be launched for sale off the plan this month.

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