Mirvac's $191m Yarra Point nears completion with 87% sold

Mirvac has completed construction of its luxury

Yarra Point tower in Melbourne with 87% per cent of the residential apartment building now sold. The company recently settled 169 apartments worth over $150 million in total revenue.

The north-facing Yarra Point development was launched in October 2010 is the sixth residential tower to be erected within Mirvac’s waterfront precinct, Yarra’s Edge.

John Carfi, Mirvac CEO Residential says the completion of Yarra Point is an important milestone for the business.

“We are pleased to announce that construction is complete at our luxurious waterfront address, a continuation of Yarra Point’s success story to date,” said Carfi.

With a seven year gap following the release of its predecessor T5, Yarra Point entered the market with the company's presale target achieved after only two months.

Yarra Point has been a valuable contributor to Mirvac's Group profit for FY13 with construction completed ahead of schedule.

“We expect to see this momentum at Yarra Point to continue over the coming months now that our prospective purchasers can see for themselves the degree of space, quality and craftsmanship in our remaining apartments,” added Carfi.

Set over 31 levels, the $191 million development features 201 one, two and three bedroom apartments ranging from 55sqm to 214sqm.  Prices start from $585,000 for a one-bedroom apartment.

The building's two-level lobby features a private garden with mature trees, a garden of succulent plantings and bluestone paving that extends from the adjacent park into the building’s inner sanctum.

Residents will also enjoy exclusive access to the 300sqm rooftop garden, residents’ lounge, gym and business centre.

Mirvac continues to add to the Yarra’s Edge precinct with construction on Array, Mirvac’s seventh residential tower at the waterfront precinct now underway. Completion is anticipated for 2015 with over 65% of the $218m development now pre-sold.