Construction begins on latest Ascot apartment stage in Mirvac’s Eagle Farm redevelopment
Mirvac will start construction on the latest stage of Australia’s first racecourse fronting community, Ascot Green, with the $135 million Charlton House the next instalment in the historic Eagle Farm redevelopment.
In a bid to address a significant shortage of new apartments in the city, work will begin on the 14-level apartment building, with Mirvac working with Eagle Farm Racecourse owner, Brisbane Racing Club (BRC), just three months after its launch to market, with more than $70 million of apartments already sold - predominately to local buyers.
According to new research released in Place Advisory’s Spring 2022 Apartment report, it is estimated Brisbane currently has just two months of new apartment supply, with deferred projects exacerbating supply and demand pressures.
Reinforcing its confidence in Brisbane, Charlton House is the third apartment project that ASX-listed developer, Mirvac currently has under construction in the city, delivering housing diversity in some of the most sought-after inner ring precincts.
Mirvac General Manager Residential Queensland, Warwick Bible, said the start of construction was a major milestone for the community, following the fast-tracking of Charlton House to meet demand.
“Our buyers have shown strong confidence in Charlton House and, to start construction just three months after launch, shows we echo that confidence in this development and the broader Brisbane apartment market,” he said.
“This milestone gives our purchasers certainty with the knowledge their apartment is being delivered by Mirvac that designs, masterplans and manages its projects every step of the way and which has done so for over 50 years."
“The start of construction also signals the next phase of urban renewal for the historic Eagle Farm, giving more people the opportunity to live in this fantastic location,” he added.
Charlton House marks the third stage of Mirvac’s Ascot Green community, part of Brisbane Racing Club’s $1.5 billion masterplanned redevelopment of Eagle Farm, which will see the precinct transformed with luxury apartments, offices, a new shopping and dining precinct and a range of entertainment options.
Mirvac has already completed and sold-out Tulloch House and Ascot House at Ascot Green, with both buildings situated directly on Eagle Farm Racecourse, in the blue-chip suburb of Ascot.
Charlton House will comprise 113 one, two, three and four-bedroom apartments, and a limited collection of three and four-bedroom villas, with apartments sold from $499,000 through to more than $3 million.
“Given about a third of Ascot is racecourse, there is very limited supply in this highly sought-after precinct, with demand only set to grow leading up to the 2032 Olympics, with the precinct’s proximity to facilities like the Athlete’s Village in Hamilton and Brisbane Indoor Sports Stadium in Albion," continued Bible.
“Larger apartments designed for owner-occupiers are in extremely high demand in Brisbane’s inner- ring, and buyers have been quick to secure their place at Charlton House as a result, with our premium apartments among the first to sell.”
Brisbane Racing Club Chairman, Neville Bell OAM, said the start of construction is an important stage in the BRC Masterplan.
“The commencement of Charlton House is the third stage of our partnership with Mirvac, undoubtedly a significant milestone in working towards the completion of the Brisbane Racing Club’s $1.5 billion Masterplan,” he said.
“Our Masterplan has set the standard for the redevelopment of ancillary land owned by race clubs around the country, in doing so we are safeguarding our legacy and relevance as a club for years to come."
“Eagle Farm Racecourse is the heart of the Ascot and we look forward to welcoming the residents of the 113 residences to our community,” Bell added.
Bible said Charlton House, like previous Ascot Green releases, was popular with downsizers, although its diverse apartment offering appeals to a range of buyers, including young professionals and families.
“The location of Charlton House sets it apart. It is extremely rare – unique, even - to live in an inner-city apartment surrounded by 50 hectares of green space, including the racecourse,” he said.
“The tranquillity the location offers, close to the CBD, restaurants, cafes, shops and the airport, is attracting purchasers across the board."
Designed by Mirvac Design, Charlton House features a rooftop sanctuary with a private dining room taking in Brisbane city skyline views. It also features intimate lounge areas and extensive sub-tropical landscaping, with a gym and resort-style pool on the ground level overlooking the racecourse.
Charlton House joins the $197 million Quay luxury riverside apartments, along with Mirvac’s first QLD build-to-rent project, the $270 million dual-tower LIV Anura, which are both under construction in the $1 billion Brisbane River development, Waterfront Newstead.
Mirvac Construction, the Group’s dedicated construction arm, is building all three projects, with Charlton House to create more than 300 direct and indirect construction jobs over its 21-month build program, anticipated for completion in mid-2024.
