Half of apartments in Mirvac’s Array development in Docklands sold

Mirvac has sold just over half of the 205 apartments in its Array residential tower in Melbourne's Docklands, its interim results reveal.

Marketing of the 39-storey development commenced six months ago (September 2012), with apartments priced from $520,000 for a one-bedroom apartment to $7 million for a penthouse.

The $218 million development is due to be completed in 2016, with first settlements occurring in mid-2015. Site works on the project have already begun.

Mirvac reported a 69% slump in net profits in the six months to December 31, with the expectation that the Victorian market will underperform relative to other capital city residential markets.

Mirvac is the developer of the Yarra’s Edge portion of Docklands, a 14-hectare site on the southern banks of the Yarra River that extends out from the Southbank promenade connected to the city via the new South Wharf precinct.

Mirvac’s vision for Yarra’s Edge is for “an exclusive village-style neighbourhood … offering the ultimate in waterfront living”.

Array is one of five residential towers planned for Yarra’s Edge, alongside a full-service marina, parklands, a day spa and a mix of shops, cafes and restaurants along the promenade.

Mirvac has almost completed construction of another residential tower Yarra Point featuring 201 apartments, of which 170 apartments have been sold with prices ranging from $510,000 to $2.4 million. First settlements are due from next month.

The other residential projects at Yarra’s Edge are the 82 luxury Riverfront homes, which have all been completed and of which just two remain available for purchase and the marina, featuring 149 yachting berths of which 105 have been sold.

Mirvac plans to have built 2,000 residences in Yarra’s Edge by completion of the 18-year project in mid-2017.