Mirvac has snapped up the site of a rejected mixed-use development from JWLand with plans to expand its residential pipeline in inner Melbourne.
The 6496sq m site overlooking Princes Park includes an old hotel and several dilapidated buildings at 699 Park Street, Brunswick with frontages on Sydney and Brunswick roads.
The ASX-listed property group has yet to disclose the purchase price, and would not confirm reports they had paid about $40 million for the site.
JWLand acquired the site for $30 million and planned to commence construction on the site in late 2017.
But those plans were rejected by the Victorian Civil and Administrative Tribunal, including the demolition of a heritage building to construct 255 apartments, retail space and a child care centre.
Mirvac already has plans to build around 200 apartments on the site.
Mirvac head of residential Stuart Penklis said the development would enhance and celebrate the location, as well as being sensitive to the surrounding properties and amenity.
“The current plans see the building at various heights stepping back from Park Street to minimise any impact on Princes Park and maximising the spectacular vistas for residents, but we are still in the process of finalising the scheme,” Penklis said.
“Mirvac is in the early visioning stage for Park Street, with the current scheme looking to yield approximately 200 apartment residences in a range of configurations to appeal to a broad selection of purchasers.
“We have recently seen a trend towards oversized apartments and amalgamations which could see this number change.”
Mirvac plans to launch Park Street in mid-2022, with construction anticipated to commence in late 2022.
Park Street joins Mirvac’s $1.4-billion Victorian apartment portfolio that includes Phoenix, Folia, and Forme in Doncaster; The Eastbourne in East Melbourne; and Yarra’s Edge in Melbourne citywhere planning for tower nine is under way.