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Mirvac announces $200 million Melbourne development purchase

On Christmas Eve, Mirvac Group (ASX: MGR) announced that it has secured a new development opportunity in Melbourne. 

Mirvac has exchanged contracts to purchase 7-23 Spencer Street in Melbourne for a total of $200 million, which will be paid in instalments. 

The construction business plans to turn the site into a mixed-use urban neighbourhood with an office tower of approximately 40,000 square metres and a build-to-rent apartment tower with 430 apartments as well as commercial space. 

Mirvac CEO and Managing Director Susan Lloyd-Hurwitz said: “Flinders West is earmarked to be one of Melbourne’s most transformative precincts over the next three to five years.

“This site provides us with an opportunity to add to our high-quality Melbourne office portfolio and grow our burgeoning build-to-rent portfolio in a location support by strong transport links, ongoing infrastructure investment and favourable demographics.”

Mirvac said that some of the selling points are that it’s close to Southern Cross and Flinders Railway Stations and major tram connections, and is just a “stone’s throw” from Melbourne’s arts and entertainment hubs.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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