Mirvac bolster 2022 apartment development pipeline with Park Street, Brunswick site purchase
The ASX-listed property developer Mirvac have increased their residential pipeline in Melbourne for 2022, acquiring a site on the tightly held Princes Park precinct alongside Brunswick's Princess Hill.
The purchase comes as Mirvac release the final stage of their sought-after Doncaster precinct, Apartments of Tullamore.
FORME Apartments, the last stage of the 47 hectare masterplanned community, are inspired by nature, with garden spaces by award-winning landscape designer Paul Bangay.
The 699 Park Street development, to be known as Park Street, will home around 200 apartments and is expected to launch to the market in mid-2022, with construction anticipated to commence later that year.
Formerly a hotel, the 6,495 sqm site features uninterrupted park and city views and around 100 metre frontage to Princes Park. It is located within walking distance to Brunswick and Carlton North. The University of Melbourne and the Royal Hospital precinct are part of the local neighbourhood.
Mirvac’s Head of Residential, Stuart Penklis, says that the prestigious Park Street site offers an opportunity for Mirvac to strategically expand its pipeline and create a new legacy project at the northern gateway to Melbourne.
“Mirvac is focused on diversifying its portfolio across a range of different markets and is always looking for opportunities to create high-quality apartment offerings," Penklis said.
"In many ways the Park Street site echoes the essence of East Melbourne, an outstanding location with access to the best cultural amenity, right on the cusp of Melbourne’s CBD."
Penklis says the demand from local owner-occupiers looking for quality apartments in well serviced locations continues, but points to a recent uptick in right-sizers.
"Families, couples and singles looking for larger apartments that offer a low maintenance, secure lifestyle, close to amenity – something that Park Street will offer in abundance,” Penklis says.
There were plans already in place for 699 Park Street by Architectus for JW Land, however Mirvac are still finalising the scheme of what they want to create.