Mirvac gets green light for Eagle Farm Racecourse development
Mirvac’s $100 million residential development at Brisbane’s iconic Eagle Farm Racecourse is off and running after receiving approval from Brisbane City Council.
Brisbane City Council’s City Planning Committee this week approved the proposal for 230 Lancaster Rd and 128 Nudgee Rd, Ascot, which requires rezoning approval as the land is zoned as sport and recreation.
It will now go to next week’s full council meeting for debate and a final tick of approval.
The development is the first stage of the Brisbane Racing Club and Mirvac’s wider $950 million Ascot Green precinct, which will see the area alongside the Eagle Farm Racecourse, which is included in the Queensland Heritage Register, transformed.
The 10-year Ascot Green project forms part of Brisbane Racing Club’s Eagle Farm Master Plan and will provide more than 1000 trackside apartments, as well as retail and commercial buildings.
The lower two levels of the buildings will incorporate a variety of greenery to provide a vibrant local environment with a variety of communal areas
Brisbane City Council’s City Planning Committee chairman LNP Councillor Julian Simmonds says the development is a new beginning for Eagle Farm.
“This residential precinct, which is being delivered by the Brisbane Racing Club and Mirvac, will be the centrepiece for the reinvigoration of the 89ha site, establishing high-end apartment living that ties in with the existing heritage buildings throughout the racecourse,” Simmonds says.
This first stage of development will include 219 luxury apartments units in two residential towers overlooking the racecourse, with one tower spanning 13 storeys and the other 10 storeys.
Both towers will offer a communal rooftop area with views of the racecourse and Brisbane CBD, which is just 6km away.
“The lower two levels of the buildings will incorporate a variety of greenery to provide a vibrant local environment with a variety of communal areas and facilities also proposed, including a pool and deck area at the ground level and large recreational terraces at the roof level of each building,” Simmonds says.
Mirvac says the first stage release of Ascot Green will offer one, two and three-bedroom apartments and an exclusive series of pavilion apartments. Prices will start from $460,000.
This residential precinct, which is being delivered by the Brisbane Racing Club and Mirvac, will be the centrepiece for the reinvigoration of the 89ha site
The development will be launched to the public in the coming months.
Under its agreement with the Brisbane Racing Club, Mirvac will fund the development through an existing group facility, and the BRC will maintain ownership of the land.
If sold off separately, it is thought the land could have generated up to $80 million.
Mirvac was selected for the project after Knight Frank ran an international expression of interest campaign in September 2014, which generated more than 100 enquiries from interested parties.