Exclusive: Mirvac greenlit for all electric Brunswick apartment development, 699 Park Street
Mirvac has received planning approval for its $280 million all electric apartment development alongside Princes Hill in Melbourne's Princes Park Precinct in Brunswick.
The project, 699 Park Street, will bring a much needed 166 one, two, three and four-bedroom apartments, penthouses, and terraces, to the undersupplied Melbourne apartment market.
Mirvac are already preparing to kick off demolition on the 6,500 sqm site which they secured in mid-2021 from JWLand.
Mirvac’s General Manager for Residential Victoria, Elysa Anderson, said Mirvac remains focused on delivering much needed, high quality and well-designed housing options in prime inner-city locations to address the shortage of new homes.
“The fundamentals that drive residential demand remain strong – low unemployment, wages growth, the return of overseas migration and scarcity of quality product – so the timing is right for us to prepare to launch another highly anticipated apartment project," Anderson said.
“The planning approval for this site demonstrates the strength of Mirvac’s brand and ability to deliver in the current market, coupled with prospective purchasers’ ongoing appetite for premium, lifestyle-focused apartments.
“Responding to unmet demand in the owner-occupier apartment market is a significant opportunity for us, particularly with our unique and strong value proposition of an outstanding location coupled with exceptionally designed product– and we are seeing this at our Tullamore and Yarra’s Edge communities, with FORME at Tullamore over 95 per cent sold and only a handful of apartments remaining for sale in Voyager at Yarra’s Edge."
To be notified when appartments in 699 Park Street become available, enquire here.
Formerly a hotel, the project features around 100 metres of frontage to Princes Park, providing uninterrupted park and city views, and is within walking distance to Melbourne’s inner-north suburbs, as well as the University of Melbourne and Royal Melbourne Hospital precinct.
699 Park Street will mark Mirvac’s third collaboration with design practice, Bates Smart, joining The Melburnian (2011) and The Eastbourne (2019) in the duo’s multi-award-winning developments.
The 699 Park Street announcement follows the recent successful launch of Trielle at Yarra’s Edge, as well as the upcoming launch of 31 Queens Lane overlooking Albert Park, highlighting the Group’s continued confidence in Victoria.
“We have $3.7 billion invested in Victoria, across our apartments, masterplanned communities, retail, office and build to rent portfolios in locations around Melbourne," Anderson added.
"The Mirvac difference, underpinned by the quality of our builds, our design excellence and extensive amenity, is increasingly valued by our purchasers in the current climate.
“This is reflected in the strong levels of repeat purchasers at our projects, and is a testament to the recognition of our brand, not to mention a competitive advantage in the current market and our 50 year track record of delivering exceptional living experiences across Australia.”
699 Park Street will join Mirvac’s $6.8 billion Victorian residential development pipeline, which includes future planned apartment projects at 31 Queens Lane in Albert Park, The Fabric at Altona North and Trielle at Yarra’s Edge; following on from the successful completion of iconic apartments at FORME, Folia and Phoenix at Apartments of Tullamore in Doncaster; and The Eastbourne’s luxury residences in East Melbourne.
To be notified when appartments in 699 Park Street become available, enquire here.
