The Mirvac Group (ASX:MGR) secures new Melbourne development

Company News

by Rachael Jones

Before Christmas the Mirvac Group (ASX:MGR) exchanged contracts to purchase 7-23 Spencer Street in Melbourne, Victoria for a total consideration of $200 million.

The former Melbourne Convention Centre site has convenient connections to Melbourne CBD, Southbank and Docklands, with significant development potential.

Mirvac’s plan is to transform the site into a vibrant mixed-use urban neighbourhood, comprising an office tower, a build-to-rent (BTR) apartment tower of approximately 430 apartments as well as additional commercial space.

Settlement is expected to occur between March 2020 and August 2021.

Shares in the Mirvac Group (ASX:MGR) closed 0.6 per cent higher at $3.24 on Tuesday.