Mirvac lodges plans to build new Melbourne tower
National developer Mirvac Group is planning on increasing its presence in Melbourne’s CBD, lodging a development application for a 31-storey tower at 383 La Trobe Street.
The Cox Architecture-designed tower will comprise around 44,000 square metres of office space and adds to Mirvac’s $3.2 billion office development pipeline.
Mirvac head of office and industrial Campbell Hanan said the project would complement Melbourne’s courts precinct and add depth to the company’s Melbourne portfolio.
“As we prepare for the recovery from COVID-19, we are firmly focused on advancing our development pipeline,” Mr Hanan said.
“Progressing projects like 383 La Trobe St through the planning stages will mean Mirvac can rebound as quickly as possible, as well as support the recovery of the wider economy.”
Mirvac acquired the 2,850 square metre in 2018 for $122 million from Sterling Global, with the transaction shelving a 70-storey residential tower proposal designed by French architect Jean Nouvel, who passed away this week.
Features of Mirvac’s proposal include co-working spaces and traditional offices, a 700 square metre lifestyle and retail precinct, smart building technology and open air terraces.
Construction is expected to start at 383 La Trobe Street in 2022.
Meanwhile, building activity has entered its final phases at Mirvac’s 38-storey Olderfleet project, located at 477 Collins Street, with first leases expected to begin in the first half of the FY2021.
Olderfleet is 96 per cent precommitted, with Norton Rose Fulbright, Lander & Rogers and Urbis to join anchor tenant Deloitte in the building.
Mirvac’s commitment to continuing its development pipeline follows the listed company withdrawing its earnings guidance earlier this year due to the COVID-19 pandemic.
In a quarterly update delivered late last month, chief executive Susan Lloyd-Hurwitz said the company’s metrics for the third quarter of FY2020 did not reflect the full impact of the crisis.
“At the same time, Mirvac is getting on with preparing for the recovery that will come. We have bolstered our short term resilience, and also maintained our focus on the future,” Ms Lloyd-Hurwitz said.
“We continue to work on our development pipeline, exploring a range of additional opportunities and improving our capabilities, in order to expedite the recovery process.”
Ms Lloyd-Hurwitz said Mirvac’s immediate focus, however, was to provide assistance to tenants across its office, retail and industrial portfolios, with a particular emphasis on small businesses.