Mirvac, one of the first companies to scrap its earnings guidance in the face of the coronavirus crisis, has underscored its faith in Melbourne's tight commercial market, lodging plans for a 31-storey office tower.
The Cox Architecture-designed tower, at 383 La Trobe Street, will comprise 44,000sq m of A-Grade office space which will one day be home to as many as 4,000 people.
The high-end office building will also feature floorplates up to 2,400sq m, open air terraces, smart building technology and “interconnected workplace villages”, designed to be future-tech enabled.
The ASX-listed diversified firm said the project would add to the company’s high-quality Melbourne office portfolio and in turn bolster the group’s strategic share of the market.
Mirvac picked up the existing 7-storey B-grade listed tower, home to the Australian Federal Police, for $122 million from Sterling Global in late-2018.
The site originally held approval for a 70-storey hotel and apartment complex designed by French architect Jean Nouvel.
The development plans to connect to Flagstaff Gardens and link through to Goldbrough Lane with 700sq m of new lifestyle and retail amenity planned including a wellness centre and retail laneway.
“As we prepare for the recovery from Covid-19, we are firmly focused on advancing our development pipeline,” Mirvac head of office and industrial Campbell 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.”
The proposal follows the completion of Mirvac's $800 million-plus Olderfleet development at 477 Collins Street.
The 40-storey Grimshaw Architects-designed project is now home to anchor tenants such as Deloitte, legal firms Norton Rose Fulbright, Lander & Rogers and FB Rice, and consultants Urbis.
Mirvac is also in the works with industry superannuation fund-backed Cbus Property to develop the $2 billion Treasury Square precinct in Melbourne’s fringe office market.
Recent Property Council figures show that more than 380,000sq m of new office space will come onto Melbourne's CBD market over the coming year, making it the biggest expanding CBD office market in the country.