Mirvac acquires Princes Park block

Upper levels of a redevelopment would capture this CBD view.

Mirvac has swooped on a gateway inner-north Melbourne block, with plans for an apartment project.

The 6496 square metre Brunswick site at 699-701 Park Street, at the north east corner of Sydney Road, is speculated to be costing $40 million.

The vendor, JW Land, paid c$30m in late 2015.

Not far away, Peregrine Projects has recently replaced the Sarah Sands Hotel with an eight storey residential building with ground floor hospitality.

Recent site history

Over nine lots, 699-701 Park St contains the Princes Park Motor Inn, small apartment blocks, houses and a heritage protected substation.

Five years ago, JW Land’s plan to replace the holding with 333 dwellings, some within a 13-level building, was refused by council.

In 2018, a scheme with 255 apartments in 10-storey buildings, and a childcare centre, was again rejected by the local government and, the year later, by the Victorian Civil and Administrative Tribunal – not because of height, but design issues related to things like balcony sizes and cross ventilation.

Colliers’ Trent Hobart, Jozef Dickinson and Hamish Burgess brokered the sale to Mirvac.

Site stares down Princes Park

At the Carlton North and Parkville suburb borders, 699-701 Park St stares down Princes Park to the CBD, about four kilometres away (story continues below).

Mirvac will apply to build c200 apartments in a complex with setbacks.

Elsewhere in Brunswick, the developer controls an 7063 sqm block at 397-401 Albert St, earmarked for a Build to Rent project.

At Doncaster, about 16 kilometres east of the city, the developer is constructing the last apartment complex at Tullamore, the estate replacing the 47-hectare ex-Eastern Golf Course.

The Yarra’s Edge component of Docklands was also master-planned by the Sydney-based group.

In 2019, Mirvac acquired a BTR investment, near Queen Victoria Market.

The company is also planning an asset of this type on the city’s ex-Convention Centre site.

Construction of Park Street, as the latest Brunswick proposal has been branded, should start next year.

“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,” the company’s head of Residential, Stuart Penklis said.

“In many ways the Park St site echoes the essence of [The Eastbourne in] East Melbourne, an outstanding location with access to the best cultural amenity, right on the cusp of Melbourne’s CBD,” he added.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.