Mirvac has announced a partnership with Japanese real estate company, Daibiru, which is investing in a 50 per cent share of Mirvac’s next generation workplace development, 7 Spencer Street, Melbourne.
Mirvac’s in-house design and construction teams have commenced works on the project, which is expected to create 250 new jobs, in addition to the 330-strong workforce at Mirvac’s neighbouring LIV Aston build-to-rent project.
Mirvac Group CEO and Managing Director, Campbell Hanan said he is delighted to partner with Daibiru to deliver 7 Spencer Street, with both companies committed to creating great quality, future-proofed workplaces of the future.
“7 Spencer Street is the integral final project in the creation of an exciting new true mixed-experience precinct, bringing together a world-class modern workplace, build-to-rent apartments at LIV Aston, and quality retail and amenity, all located in Melbourne’s emerging Northbank precinct,” said Mr Hanan.
“Building a strategic relationship with a high calibre investor like Daibiru is consistent with our funds management strategy to sell down an interest in our assets to strategically aligned, long-term investment partners.”
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The 21-level 7 Spencer Street development will boast approximately 46,000 square metres of floor space and over 10 individual terraces. The site is part of the emerging Northbank precinct, which includes Mirvac’s second build-to-rent property in Melbourne, LIV Aston, marked for completion in mid-2024.
Representative Director and president CEO of Daibiru Corporation, Takashi Maruyama said Daibiru is pleased to partner with Mirvac to develop 7 Spencer Street as an optimum project.
“Our vision to develop top-notch office buildings on the premise of long-term ownership is aligned with Mirvac’s, so we believe that we can enhance our partnership in many years to come,” said Mr Maruyama. “We look forward to creating innovative and attractive workplaces together with Mirvac.”
Fronting the Yarra River and waterfront parkland, the fully electrified 7 Spencer development will target a 5 Star Green Star rating, 4.5 Star NABERS Water rating, 5.5 Star NABERS Energy rating and a Gold WELL Core and Shell rating.
This project marks an exciting milestone for Mirvac’s growth in Melbourne, said Mr Hanan, and follows the successful delivery of the Olderfleet office building on Collins Street.
Mr Hanan added: “With the new Greenline Project and greater Northbank precinct tipped to attract more than 1.1 million additional visitors annually, we look forward to creating a vibrant hub that brings great businesses and workforces together, where retailers will thrive, and residents have the opportunity to live in a new mixed-use precinct closely connected to transport and other amenity.”
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