Leading property group Mirvac has secured a development site in Melbourne's trendy suburb of Brunswick. Located at 397-401 Albert Street, the site boats more than 7000 square metres and is rumored to have changed hands for more than $25 million.Â
The site in its current format includes industrial properties and is subject to a rezoning application which, if approved, would allow for the construction of apartment buildings up to eight levels high.
The current application was approved by Planning Panels Victoria in November and is now being reviewed by the Department of Environment, Land, Water & Planning.
Mirvac declined to comment about the deal, and is also speculated to be behind the purchase of the neighbouring property which is expected to an $8 million transaction and adding 2323 square metres to the proposed development.
Other developments in the area include 288 Albert Street by CBD Development Group whom have recently started construction of a 12 level apartment building which will be Brunswick’s tallest building.
The Commons, a controversial apartment complex with no car parks, and the first of the Nightingale series of environmentally friendly projects, was unveiled in 2015 in the suburb.
Last year the owner of a large retail store on Sydney Road announced a plan to build another Nightingale complex which will include 20 apartments over shops.
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