Mirvac to bring build-to-rent to Queen Victoria Market:
Major developer Mirvac has inked a $333.5 million deal with PDG Corporation for the Munro site opposite the Queen Victoria Market, which would become home to one of Melbourne’s first build-to-rent projects.
Mirvac is looking to build 490 units on the 6,500sqm site, and under the agreement will then take ownership of and lease them out to residents.
Melbourne City Council purchased the Munro site in 2014 for $76 million to ward off improper development, as it went about planning an overhaul of the Market precinct.
It struck a deal with developer PDG to build on part of the site a 120-place childcare centre, 56 affordable housing units, community centre and kitchen, and 500 basement car parks for Market visitors, and PDG would be able to develop on the site. PDG obtained approval for 380 apartments and a hotel across 38-storey and 10-storey towers, with the residential tower on-sold to Mirvac in the new agreement.
Construction has already begun on the site, and approval will need to be received to accommodate the new plans.
The car parking aspect on the site is linked to the City of Melbourne’s vision to use the current Market car park as festival, events and public space. Council’s $250 million overhaul of the Market itself hit a roadblock last year when Heritage Victoria rejected its plans to dismantle the existing market sheds, build underground facilities and parking, and reassemble the sheds.
The build-to-rent sector, also known as multifamily, is more common in the USA and the UK, and typically sees developers and larger landlords retain ownership of residential buildings and lease them out with options for longer-term deals..
Salta has earmarked projects in Docklands and Richmond, next to Victoria Gardens, to include build-to-rent components, while Mirvac is developing a 315-unit complex in Sydney Olympic Park.
The 2018 Commonwealth Games athletes’ village on the Gold Coast has been transformed into the sector’s first large-scale project in Australia.
Box Hill development boom rolls on:
Eight adjoining home owners in Box Hill have sold their combined 2,061sqm block to Zynergy Property Development for $14.1 million.
The 12-16 Shipley Street property is within the Box Hill Activity Centre and is just north of Box Hill Central, Box Hill train station and Whitehorse Road. Golden Age Group has two developments nearby, including the under construction 36-level Sky One with 438 apartments, and the recently approved 429 dwelling, three-tower New China Town.
A string of nearby sites on Whitehorse Road are slated for sizeable projects: of 37 storeys at 843 Whitehorse Road, and a mixed-use tower with 273 apartments, hotel and offices at 837 Whitehorse Road; as well as 826-830 Whitehorse Road and the former Spotlight site at 851 Whitehorse Road.
Residential skyscraper proposals have been lodged for respective 194-apartment towers at 9-11 Prospect Street and 31-35 Prospect Street.
Next door to the Shipley Street site is Kin Consolidated’s 21-23 Irving Avenue, which is subject to an application for a 15-level, 123-apartment tower.
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