Mirvac Wins Green Light for $1bn Northbank Towers

Mirvac’s $1 billion plans for a 45,000sq m office tower and build-to-rent apartments on Melbourne’s Northbank have been approved with construction slated for later this year.

The development site at 7 Spencer Street will include a 20-storey office tower and a second tower housing 472 apartments across 32 levels, designed exclusively for renters to accommodate Melbourne’s next rental evolution.

Angela Buckley, Mirvac’s general manager for build-to-rent said the decision to include a build-to-rent component was driven by an understanding of Melbourne’s changing lifestyles and demographics.

“Increasing numbers of Australians are choosing to rent and their expectations for high quality service as part of their urban lives is increasing,” Buckley said.

“We believe the growth of the build to rent sector will change that dynamic and give renters the control and customer care they deserve.”

Buckley said they would use learnings from their first build-to-rent property at Sydney Olympic Park to ensure customers and community were at the heart of the Northbank development.

“A mixed-use precinct of this significance and calibre has the potential to redefine city living for Melbourne,” she said.

It will be a welcome boost to the Covid-impacted heart of the city, signalling a path towards economic recovery.

The development could generate up to 3,200 jobs in construction and create accommodation for 5,000 workers at completion, hedged for 2024.

The ASX-listed company paid $200 million for the former Melbourne Convention and Exhibition Centre site in 2019.

Situated on the bend of the Yarra River, the towers will provide expansive views across the water and city, and close to transport hubs.

Mirvac will work with lead architect Fender Katsalidis, as well as Hecker Guthrie for the build to rent interiors, and Six Degrees Architects to create an engaging and activated ground plane and retail experience for residents and the wider community.

Fender Katsalidis director Craig Baudin said the new Northbank development would leave a "generous and meaningful" mark on Melbourne.

“Our design is a vibrant new mixed-use precinct, consisting of two distinctive towers that will revitalise and reconnect this overlooked corner of the city,” he said.