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.”

Follow industry news about build-to-rent projects and big-name developers by joining us on Conecta. With your free profile, you’ll also be the first to know about new job opportunities. Sign up here.

Recommended posts

What is Conecta?

Conecta is an innovative jobs platform for the construction and engineering industry.

Even if you are not looking for a job right now, having a Conecta profile means amazing opportunities can tap you on the shoulder.

Free Sign Up
Recent Jobs

EHSQ Manager

Negotiable

Melbourne VIC, 3000

Apply Now
Popular posts