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7-23 SPENCER STREET

7-23 SPENCER STREET, MELBOURNE, VIC 3008

7 Spencer Street is located in the emerging Northbank Precinct, located to the north bank of the Yarra River, bound by Spencer and Flinders Street. A series of new redevelopments and refurbishments in the Northbank Precinct, are transforming a somewhat forgotten yet historical plot of waterside land, improving ground plane activation and pedestrian links, both within the local area and beyond. 7 Spencer Street development is a 21 level, 46,500 sqm PCA A Grade Building with Premium Grade Services and will feature over 10 individual terraces, making the most of the river views. Floor plates range from 3,000 sqm on Level 4 to 1,000 sqm on Level 20, supported by a central core to optimise workplace design and flexibility. Mirvac's in-house construction team are now over half way through the structure, with completion expected in FY26.

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Ownership
50% Mirvac, 50% Daibiru

Summary information

Acquisition/Agreement Date Aug-21
Valuation at 31-DEC-24 $104m
Expected Development Value On Completion ~$480m
Target Completion FY26
1. Valuation at 31 December 2024 represents the IPUC book value, excludes any interest in the asset held in inventories.
2. Expected development value on completion represents 100% expected end value, subject to various factors outside of Mirvac's control such as planning, market conditions, construction cost escalation, supply chain risks, weather and other uncertainties.

Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.  

Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.