Australian real estate investment trust Mirvac Group agreed to buy a site at the Flinders West precinct in Melbourne for A$200 million.

The former Melbourne Convention Centre site at 7-23 Spencer St. is set to be redeveloped into a mixed-use urban neighborhood, comprising a roughly 40,000-square-meter office tower and a build-to-rent apartment tower of about 430 units. The project, subject to planning approvals, will also feature additional commercial space, as well as amenity and retail space inside the buildings.

The acquisition is expected to be closed between March 2020 and August 2021.