Mirvac Plans New Apartment Building in $900m Development
Diversified property group Mirvac has released plans for its newest apartment project within its Tullamore precinct, the former 47-hectare Eastern Golf Course in Doncaster.
The six-level $45 million building will comprise 102 residences and grand penthouses spanning 171sq m in size.
The listed property group recently flagged a focus towards developing more mixed-use precincts across the country.
The latest building, which is anticipated to receive planning approval in May, forms part of Mirvac’s $870 million master-planned Tullamore community located 13 kilometres east of Melbourne’s CBD.
Mirvac today reaffirmed it was on track to hit the upper end of its guidance for 2019 largely thanks to its growing office and industrial divisions offsetting weaker residential sales.
The weakening residential sector has seen many a developer change course in recent times, while those sticking to residential offerings are skewed heavily towards the owner-occupier market.
Mirvac general manager of residential Victoria Elysa Anderson said there’s demand from downsizers’ for apartments with the newest building, Folia, designed for the owner-occupier market.
“Folia offers a diverse range of apartment configurations and generous floor plans that provide a genuine alternative to a traditional home,” Anderson said.
Mirvac originally secured the 47-hectare former golf club site for around $100 million in 2011. Anderson said more than 20 per cent of which will be devoted to green open spaces.
A Mirvac spokesperson said the new building will join the planned 850 residences of the precinct of which more than 570 lots have sold to date.
Construction of Folia is expected to commence late 2019 with completion scheduled for April 2021.
The building will offer a mixture of one, two and three-bedroom apartments, starting from around $395,000 and range up to approximately $995,000 for a three-bedroom.
Credit: The Urban Developer 01May19