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 397-401 Albert Street (pictured, top) – a 7063 square metre parcel it was first connected to buying in early 2017.

It has also acquired the adjoining low rise home at #403 (on 457 sqm).

The Sydney builder passed up the opportunity in 2017 and 2018 to buy another neighbouring site – a factory on 2323 sqm at #395 which was for public sale.

Mirvac passed up the opportunity to purchase the site shaded red but will team team with the group that did for the redevelopment.

However, it will team with the one that did – the local Milieu Property – to create an amalgamated c9850 sqm holding.

Mirvac hasn’t confirmed whether it intends to replace the parcel with a standard apartment complex alongside a BTR investment.

It picked up 397-401 Albert St following a campaign by Cushman & Wakefield’s Lukas Byrns and Peter Sagar.

Brunswick row now controlled by builders

The Mirvac and Milieu properties – along with a small row of homes and another major industrial site on 4010 sqm at 429-435 Albert St – were recently rezoned to allow for high-density residential redevelopment (story continues below).

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 a former quarry.

Any south-facing dwellings within the Mirvac/Milieu project would enjoy views of the city, six kilometres away.

The parcels are walking distance to Brunswick train station and the Sydney Road shopping strip.

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

Mirvac brings BTR to suburbs

In June, Mirvac announced it would pay PDG Corporation $333.5m for a yet-to-be-constructed, 38-level BTR investment with 490 dwellings, near Queen Victoria Market.

The buyer is in 2021 set to deliver another project of this type at Indigo Pavilions, about 14 kms west of Sydney CBD.

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Marc Pallisco

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