Mirvac Group climbed high on ASX as the company gets hold of future office development asset in Melbourne, VIC for $122 million. This deal represents 5.7% of initial yield.
In the statement released today Mirvac group revealed the acquisition of seven-level B-grade office asset at 383 La Trobe Street in Melbourne, VIC, which is located within Melbourne CBD’s legal precinct. It has approximately 10,200 square meters of office component and is located close to Flagship train station and other public transport services.
Since the site possess the potential for future redevelopment, the company indicates their plan to redevelop the site into a new A-grade office tower spanning over 40,000 square meters.
Mirvac’s Head of Office & Industrial, Campbell Hanan stated that this acquisition would result in strengthening the presence of the company in key gateway city- Melbourne while adding up to the company’s existing commercial development pipeline of $3.1 billion.
On the good news of Melbourne site acquisition, Mirvac’s stock surged 1.633% to $2.490 on 4 September 2018 (6:16 PM AEST). There has been performance change of +5.60% over the past 12-month period.
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