Mirvac has commenced construction on its $212 million Isle Waterfront Newstead apartment building in Brisbane.
Isle is the third apartment building Mirvac has underway at its $1 billion Waterfront Newstead community, joining 25-level Quay and build-to-rent development, LIV Anura, which is being delivered in partnership with the Queensland Government.
Mirvac Group CEO and Managing Director Campbell Hanan joined Mirvac’s General Manager, Residential Development Queensland Warwick Bible, Brisbane Lord Mayor Adrian Schrinner and City Planning Suburban Renewal Committee Chair Councillor Adam Allan to turn the first sod on Isle today.
“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,” said Mr Bible.
Located at 57 Skyring Terrace in Newstead, Isle has been designed to align with Brisbane City Council’s ‘Buildings that Breathe’ principles. From the ground-floor it will feature gardens with local flora to the rooftop Isle resort which will boast an infinity-edge pool and floating sunbeds. Amenities will also include a wellness centre, dining room, sunset cocktail bar, yoga lawn, business centre, and a concierge service.
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Across the three Waterfront Newstead projects, Mirvac is delivering more than 650 apartments two kilometres from the Brisbane CBD, with over half to be build-to-rent apartments. Approximately 1,500 workers will be inducted onsite to construct Isle, of the more than 3,000 engaged across Mirvac’s Waterfront Newstead projects.
A total of 78 per cent of the 133 apartments have been sold off the plan at Isle since its release in July 2022. 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’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.”
Mirvac’s $197 million Quay and $270 million build-to-rent LIV Anura are both anticipated for completion in 2024. Isle is anticipated to be completed in late 2025.