Leading property group Mirvac has been selected as Brisbane Racing Club’s preferred partner for the development of its $850 million Eagle Farm Residential Precinct.
Mirvac were chosen from a shortlist of three contenders to partner with the Club on this quality project.
The Eagle Farm Residential Precinct will be built alongside the Eagle Farm Racecourse and as one of Brisbane’s most exciting lifestyle developments to date, the tender drew attention from local, interstate and offshore developers. The 10-year project forms part of the Eagle Farm Master Plan and will see the delivery of over 1,000 trackside apartments alongside an exciting food, beverage and retail destination.
Located in Ascot, just 6 kilometres from the Brisbane CBD, the 54,000 square metre site offers a premium, large-scale development opportunity in a thriving part of the city’s north east. A range of retail, commercial, hospitality and entertainment facilities are planned for the adjacent land.
Mirvac’s Group Executive Residential John Carfi said the business was thrilled to have been selected as the Brisbane Racing Club’s development partner at such an iconic Brisbane location.
“This location provides Mirvac with an excellent opportunity to deliver quality residential apartments in the heart of Brisbane’s popular racing precinct,” he said.
“Mirvac will draw on its expertise and strong track record of delivering major residential and mixed-use developments and we look forward to working closely with the Brisbane Racing Club on the next phase of this exciting project.”
BRC’s Chairman Neville Bell said Mirvac had been chosen after a vigorous selection process based on its experience in large-scale, mixed-use development projects.
“The redevelopment of the Eagle Farm Racing Precinct is an exciting step for us as part of our 10 year Master Plan,” he said.
“Mirvac’s extensive experience in similar projects aligns with our objectives for the future of the club.
“We are delighted to have a major developer of Mirvac’s calibre onboard as we work through this significant redevelopment.”
The announcement for Mirvac follows successful sales results at its Waterfront, Newstead development which has delivered more than $150 million in sales.
THE MASTER PLAN
Situated six kilometres to the Brisbane CBD, the 5.431 hectare site is approved for residential apartment towers up to 15 storeys.
The site, known as Precinct 5B of the Eagle Farm Master Plan area, provides a rare opportunity to partner with the Brisbane Racing Club to develop its large residential development site.
Brisbane Racing Club’s General Manager – Property & Asset Management, Mr Jeff Kahler said the Club was seeking a joint venture partner for what will be one of Brisbane’s most exciting developments.
“Brisbane Racing Club has obtained planning approval for the master planned development of Eagle Farm and Doomben Racecourses and is seeking a joint venture partner for this iconic Brisbane residential opportunity which will appeal to large developers who want to be involved in a premium, large scale development,” said Mr Kahler.
Knight Frank’s Director of Commercial Sales, Mr Morrison said that the master planned development of the non-core land of Eagle Farm and Doomben Racecourses is a rare opportunity for a local or offshore developer.
“This approval is one the largest and most exciting lifestyle projects in Brisbane’s history and one we’re extremely confident will be well received by the developer community,” continued Mr Morrison.
“The Eagle Farm Residential Precinct is located alongside the Eagle Farm Racecourse and is designated as a high density residential area. This site is capable of sustaining in excess of 1,000 apartments and is situated immediately next to a proposed mixed-use development which may include a range of uses comprising retail, commercial, hospitality and entertainment facilities.
“The site is located in a popular lifestyle precinct, well serviced by public transport with rail, bus and Citycat all close by and easily accessible from all parts of Brisbane and beyond via Inner City Bypass,” added Mr Morrison.
Knight Frank’s Managing Director of Commercial Sales, Mr Paul Henley said that Brisbane residential site sales have gone through considerable growth the past 12 months.
“The Brisbane Apartment market has entered a new property cycle. Sales rates have now remained above long term averages for a full 12 month period. Sale prices have stabilised and stock transacting is a good mix of investment and owner occupier product which signals a suitable diversity of purchasers in the marketplace, as the development of Eagle Farm Residential Precinct is likely to offer.
“In addition to traditional markets Melbourne and Sydney, we have sensed a considerable shift in favour of Brisbane also in our recent visits to Malaysia and Singapore as a preferred Australian location for investment This positive sentiment in favour of Brisbane is in our opinion going to grow in the short to medium term,” added Mr Henley.