A new residential development in Melbourne’s north has accelerated through the Development Facilitation Program, in one of the first examples of the state government program fast-tracking a new housing project.
Mirvac’s Prince & Parade apartment project received the green light through the Development Facilitation Program (DFP) and has now started construction in the Melbourne suburb of Brunswick.
The announcement comes after the Victorian state government set up the DFP to fast-track new housing developments, among other projects, to get things built sooner and give confidence to developers in a struggling market.
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Prince & Parade received the green light through Victoria’s Development Facilitation Program. Picture: Mirvac
Developers and industry bodies have criticised state governments for the effects of red tape on planning approvals, and programs such as the DFP and The Great Design Fast Track, an initiative to expedite construction on townhomes and apartments, were introduced to solve these issues.
“In development, time savings can be hard to gauge but what is critical is the certainty this pathway provided,” Mirvac CEO of development and commercial mixed-use Stuart Penklis said.
“The Development Facilitation Program gave us confidence and line of sight in an uncertain environment – it was great to have the support of government to facilitate the provision of needed housing in this critical inner and middle ring location.”
From old to new
Prince & Parade is a $292 million project comprising 167 apartments and will sit on the former site of the Princes Park Motor Inn.
The project is the developer’s second in Brunswick, with a build-to-rent community set to launch under its LIV portfolio later this year.
With Prince & Parade underway, Mirvac now has over 900 apartments in progress across Melbourne.
The project comprises 167 apartments on the former site of the Princes Park Motor Inn. Picture: Mirvac
Mr Penklis said the fabric and diversity of Brunswick reflects a diverse range of buyer and renter types.
“The state government has recognised the importance of gentrification and the utilisation of some of these older in-field locations that are well connected with public transport and amenity,” Mr Penklis said.
“Working with the state government and delivering, what will be a very high-quality high standard of design and construction into this market, will be the catalyst for the continued transformation of this part of Brunswick.”
The development is Mirvac’s third collaboration with designers Bates Smart, following their collaboration on The Melburnian and The Eastbourne, and will offer a mix of one- to four-bedroom apartments.
Amenities include a residential lounge, shared dining room and kitchen, courtyard, library and gym. Residents will also have access to a shared rooftop terrace and concierge services.
The building will reach an average 7-Star NatHERS energy rating and include sustainable features such as double glazing, induction cooktops and solar panels.
Residents will have a lounge, shared dining space, library and gym among the amenities. Picture: Mirvac
Mirvac will also create a green link connecting Brunswick Road to Park Street, designed by Jack Merlo, and include a number of bike spaces.
The development will also be home to a publicly accessible retail tenancy, which will be independently operated and is expected to be open near construction completion.
According to Mr Penklis, there has been interest in the new apartments from a range of demographics from first homebuyers to downsizers.
“We’ve continued to see a building of momentum of customers. We’ve seen a cutting of interest rates, we’ve seen a reduction or concession in stamp duty for off-the-plan sales and that’s continued to build momentum in our sales program,” he said.
“Now that construction has commenced, people have certainty that this project will be completed in approximately 18 months’ time.
“So that gives people certainty in terms of planning either to upsize or downsize into this project.”
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