Mirvac snaps up strategic Brunswick site

Mirvac has flagged a Brunswick site for its second Melbourne build-to-rent project.

The developer last month settled on the acquisition of a 7063 square metre factory at 397-401 Albert Street (pictured, top) – a property it was first connected to buying in early 2017.

Mirvac has also snapped up an adjoining low rise home on 457 sqm at 403 Albert Street.

It passed up the opportunity in 2017 and 2018 to buy another neighbouring site – a factory on 2323 sqm at 395 Albert Street, which was available for public sale.

Mirvac passed up the opportunity to purchase the (shaded) neighbouring site, which was for public sale in 2017 and 2018. But it will team with the purchaser which did, Milieu Property, giving the proposed redevelopment 95 metres of east facing park frontage.

However, it will team with the builder that did – Milieu Property – to replace the amalgamated c9850 sqm land holding.

Mirvac still hasn’t confirmed whether it intends to replace the parcel with a standard apartment complex alongside a build-to-rent venture.

It picked up 397-401 Albert Street following an off-market sales campaign by Cushman & Wakefield’s Lukas Byrns and Peter Sagar.

Unique Brunswick row becoming controlled by apartment builders

The Mirvac and Milieu properties (395-403 Albert Street) – along with a small row of homes, and another major industrial site measuring 4010 sqm at 429-435 Albert Street (which Savills is coincidentally marketing for sale) – were recently rezoned to allow for high-density redevelopment.

The section of the street is uniquely light-filled for Brunswick, bound by Clifton Park to its east, north and west.

Across the road (to the south), is Gilpin Park, built on the site of a former quarry.

Any south-facing dwellings within the Mirvac/Milieu project would enjoy postcard skyline views of the CBD six kilometres away.

The Albert Street parcels are about a kilometre west of the Brunswick train station and Sydney Road retail strip.

The site at 397-401 Albert Street, Brunswick, was recently rezoned to allow for eight level structures.

With Brunswick buy, Mirvac brings build-to-rent to Melbourne’s suburbs

In June, Mirvac announced it would pay PDG Corporation $333.5 million for a yet-to-be-constructed, 38-level build-to-rent, with 490 dwellings, abutting the Queen Victoria Market, at the northern tip of the Melbourne CBD.

The build-to-rent scheme replaced a permitted plan to replace the block with 320 standard ‘own your own’ apartments.

Mirvac is in 2021 set to deliver another build-to-rent project at its Indigo Pavilions project, about 14 kilometres west of the Sydney CBD, at Olympic Park, near Homebush.

In build-to-rent projects, the developer constructs a project with the intention of retaining the residential units as investments.

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Marc Pallisco

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

Marc Pallisco