Mirvac has won the right to redevelop Brisbane Racing Club's $750 million Eagle Farm Residential Precinct.
The 10-year Ascot project forms part of the Eagle Farm Master Plan which will provide more than 1200 trackside apartments, along with retail and commercial buildings.
Mirvac's Group executive for 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.
It is expected the BRC will maintain ownership of the land.
BRC Chairman Neville Bell said Mirvac had been selected after intense interest in the joint venture opportunity that will deliver more than 1200 apartments on land around Queensland’s most famous racecourse.
“The Eagle Farm Residential Precinct is the centre piece of a $1.2 billion Master Plan that will transform this historic area of land around Eagle Farm and Doomben racecourses,” Mr Bell said.
The eight residential towers will be on the southeastern corner of the Eagle Farm.
He said construction was expected to start in 2016 as BRC has already gained full planning approval for the project.
“We spent five years gaining planning approval so we have already made significant progress towards this residential precinct,” Mr Bell said.
On behalf of the BRC, Knight Frank commenced an international expression of interest campaign in September 2014, generating more than 100 enquiries from interested parties.
The BRC created a shortlist featuring Mirvac, Leighton Properties and Walker Corporation. Their final bids were submitted on April 10.
The project is north-facing and looks out over 50 hectares of land that will never be built out. It provides exceptional views to the city and over the Hamilton reach of the Brisbane River and out to the airport and Moreton Bay.
The BRC engaged property specialist Jeff Kahler 18 months ago as General Manager – Property to deliver the Master Plan.
The BRC has awarded Mirvac Preferred Developer status until June 30 at which time the two groups are expected to sign binding documentation and proceed with the development.
Mirvac’s Group Executive Residential, John Carfi, said Mirvac was "thrilled" to be selected as the development partner.
“Mirvac will draw on its expertise and strong track record of delivering major residential developments and we look forward to working closely with the Brisbane Racing Club on the next phase of this exciting project,” he said.