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Mirvac pivot prompts build-to-rent boom

Its new Melbourne project will be accompanied by a smaller 20-storey tower with 45,500 square metres of office space.

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Both buildings will have about 1800 sq m of retail outlets in a new arcade link and public plaza along Siddeley Street, according to architects Fender Katsalidis, who designed the complex.

At the moment the site is landscaped as a temporary park.

The developer’s pre-Christmas purchase of 7-23 Spencer Street from a Chinese-backed joint venture between China Century Group and Exhibition and Travel Group gave it control of a key civic intersection tucked behind the 402-room Crowne Plaza hotel next to the Yarra River.

The site’s former owners had planning approval for three residential towers, one of which was to be used as a hotel. Mirvac has consolidated two of the towers and ditched the hotel component.

Malaysian-listed developer OSK Property is in talks with anchor tenants.

Malaysian-listed developer OSK Property is in talks with anchor tenants.Credit:

“This proposal retains the integrity of the past approval but reconsiders the land use mix to suit today’s market demand,” the group’s submission states.

The project’s large office component will join a growing list of new projects launching in Melbourne as developers eye the post-COVID landscape for new tenant and office opportunities.

Across the river in Southbank, Malaysian-listed developer OSK Property is in talks with anchor tenants to fill its new $400 million office tower, part of a $2.8 billion residential and retail complex under way in Kavanagh Street.

Designed by Cox Architecture, the premium A-grade 29-floor tower will feature 37,814 sq m of gross leasable space with floor plates between 500 and 1907 sq m.

Private terraces will offer 678 sq m of outdoor space in a 5-Star Green Star building with a WELL Gold Standard. Two floors in the podium are devoted to end-of-trip facilities including bike storage, lockers and showers.

OSK’s major Southbank project is being built around a central 3745 sq m park and includes a 601-room 5-star Hilton convention hotel, on-site childcare, wellness centre and a full-line Woolworths supermarket.

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To the north of Mirvac’s site, developer V-Leader is proposing a 24,836 sq m office and 288 room hotel at 600 Lonsdale Street.

Planning Minister Richard Wynne recently approved four major developments: Beulah’s tower at 118 City Road in Southbank, Charter Hall’s office at 555 Collins Street, Dexus’ development at 52-60 Collins Street and Pace’s apartments at 550 Epsom Road in Flemington.

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