Mirvac Expands Build-To-Rent Aspirations to Melbourne, Acquires Site Alongside Queen Victoria Market

Following a successful bid to raise $750 million in capital last week, Mirvac has wasted no time in investing the proceeds by entering into an agreement with developer PDG to deliver a $333.5 million build-to-rent project.

The project, consisting of 490 residences, is part of a $450 million development of the ‘Munro’ precinct. It sits adjacent to the Queen Victoria Market site, also undergoing a $250 million renewal, and less than 500 metres away from PDG’s Elizabeth North project.

Related: PDG’s Elizabeth North Project Finally Headed to Tender

Mirvac CEO and Managing Director Susan Lloyd-Hurwitz said the build-to-rent market is one of the largest real estate classes in the world, and that it made sense for Mirvac to pursue the sector in Australia.

“It will deliver a secure and valuable revenue stream, as well as presenting us with a new and growing customer base,” she said.

The new project with PDG marks Mirvac’s second foray into build-to-rent, with its first development, Pavilions at Sydney’s Olympic Park, due for completion in Q3 next year. Leasing will open in June 2020.

Related: Victorian Government to Remedy Housing Crisis with Build-to-Rent

The first stage of works for the Munro precinct is already underway. PDG will develop the build-to-rent project as part of the final stage, along with a hotel and retail offering.

“We are proud to develop a new benchmark in Australian housing alongside a well-respected company with a shared vision,” said PDG Corporation Managing Director, Vince Giuliano, of the Mirvac partnership.

Lord Mayor Sally Capp was equally enthusiastic about the project.

“We hope to see more build-to-rent projects considered in the future as a way to help meet the needs of our growing population.”

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