Mirvac commence construction on Isle Waterfront Newstead apartments
ASX-listed developer Mirvac has commenced construction on its latest signature Brisbane apartment building, the $212 million Isle Waterfront Newstead, which will create a lush new green heart of more than 10,000 plants and additional public parkland in the riverside suburb.
Isle is the third apartment building Mirvac has underway at its $1 billion Waterfront Newstead community, joining the 25-level Quay and the build-to-rent development LIV Anura, which is being delivered in partnership with the Queensland Government.
Across the three projects, Mirvac is delivering more than 650 apartments just two kilometres from the Brisbane CBD, with over half to be build-to-rent apartments.
A total of 78 per cent of the 133 apartments have been sold off the plan at Isle since its release in July 2022, including all four ultra-luxury penthouses. Sales have ranged from $540,000 to $6.25 million.
Over 30 per cent of buyers are from direct surrounding suburbs Newstead, New Farm and Teneriffe, and more than two thirds plan to own and occupy.
Mirvac Group General Manager, Residential Development QLD Warwick Bible said the strong sales response to Isle reinforced Mirvac’s ongoing confidence in the resilient Brisbane apartment market and its legacy Waterfront Newstead community, which Mirvac has been developing for more than two decades.
“With Isle under construction, we now have more than $675 million in projects underway at Waterfront Newstead – it’s a very significant investment and a clear demonstration of our confidence in this city and this precinct’s unparalleled location by the Brisbane River,” he said.
"Across Isle, Quay and LIV Anura, we're delivering a diversity of new housing, including our luxury riverside residences and our 396 build-to-rent apartments, of which 25 per cent will be subsidised by the State Government as key worker affordable housing.
“We’ve built an incredible 20-plus year history of urban renewal in Newstead, from our Mariner’s Reach redevelopment of the former P&O Wharf to our Cutters Landing refurbishment of the CSR sugar refinery, both catalysts for the significant revitalisation of the area that paved the way for the first stages of Waterfront Newstead, Pier, Park and Unison.
“We’re seeing the Brisbane market performing well, underpinned by strong fundamentals with ongoing population growth, the return of immigration, tight vacancy, robust rental growth and restricted future supply outlook plus employment opportunities and major public and private investment ahead of the 2032 Olympics, and we are committed to continuing to be part of that legacy.”
Isle, located at 57 Skyring Terrace in Newstead has been designed by award winning Mirvac Design to align with Brisbane City Council’s ‘Buildings that Breathe’ principles, aimed at creating lush urban environments through sub-tropical architecture that reflects the city’s climate, opens to cooling breezes, features living greenery and provides shade and comfort.
The 25-level Isle will feature a suite of amenities to enhance residents’ wellbeing and highlight Brisbane’s natural assets, from the ground-floor leafy gardens featuring local flora to the rooftop Isle resort, boasting an infinity-edge pool and floating sunbeds that overlook picturesque river, park and city views, wellness centre, dining room, sunset cocktail bar and yoga lawn. A business centre and gym, located on level two, and a concierge service are also available for use by all residents.
"Isle will be efficient, resilient and sustainable, with its significant sub-tropical planting, solar panels to power communal electrical, efficient water fittings, EV car charging and the minimisation of construction waste among the many green initiatives being implemented," Bible added.
Over 5,570 sqm, equating to more than 50 per cent of the site for Isle and sister building Quay Waterfront Newstead, will be available to the community as green open space, including parkland, shaded seating, water features and public art. Quay is also under construction, having been 100% pre- sold and will feature another 9,000-plus plants.
Mirvac’s $197 million Quay, which sold out in just seven months, and $270 million build-to-rent Queensland debut LIV Anura, are both anticipated for completion in 2024. Isle is anticipated to be completed in late 2025.
Mirvac is also constructing its $135 million Charlton House at Ascot Green, alongside Brisbane’s historic Eagle Farm Racecourse, with completion on track for mid-2024.