Mirvac $1b Northbank project approved

The proposed Build to Rent tower will rise 32 levels.

Mirvac will replace the former Melbourne Convention Centre with offices, shops and a 32-storey Build to Rent complex.

The $1 billion proposal for 7-23 Spencer Street was approved by planning minister Richard Wynne today.

Mirvac acquired the property in two tranches from the start of last year.

The redundant St Regis proposal.

Vendor, Century Group Australia, proposed apartments and a St Regis hotel in a project branded Flinders Bank.

Before that, the land accommodated the Melbourne Convention Centre.

In 1994, it dubbed as Crown Casino’s first base while the Southbank facility was built.

Mixed-use project for Docklands

Mirvac has now branded the holding as Northbank – connecting it to Riverlee’s nearby Seafarers Place on Flinders Street which has used that precinct name for a couple of years.

Both developments are in Docklands – though only the latter is waterfront.

The Spencer St site, opposite the CBD, is a block from Southern Cross train station (story continues below).

Mirvac is intending two towers, a 32-level Build to Rent investment designed by Fender Katsilidis, to be known as LIV Aston and with 472 units – a mix of studios, one, two and three bedrooms.

This proposal will contain a 2800 sqm flexible office area. Another 2300 sqm will make way for a pool, gym, lounges and business and multi-media rooms.

Beside it, a 20-level, 45,000 square metre office able to accommodate c5000 workers is planned.

A lower floor retail plane with green space and wellness amenity will be created by Six Degrees Architects.

Upper levels of both projects would enjoy south facing views of the Yarra River, about a hundred metres away.

“We are looking forward to working closely with the City of Melbourne and deploying our leading workplace, BTR and placemaking capability in order to create a connected, sustainable and inclusive urban village that meets the needs of the community and sets a new benchmark for mixed-use development in Australia,” Mirvac chief investment officer Brett Draffen said.

Elsewhere in Melbourne the Sydney based institution is planning BTR stock at Queen Victoria Market and Brunswick.

It has also been shortlisted against Cbus Property to replace a Treasury Gardens facing site at the opposite tip of the Hoddle Grid.

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Marc Pallisco

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

Marc Pallisco