Mirvac adds new residential building to sprawling Newstead masterplan

Market Insights
2 years ago
1 minutes

Mirvac has submitted plans to introduce an additional tower to its $1 billion residential Waterfront Newstead precinct on the Brisbane River. The development application is for a 25-storey residential building which will harbour 135 apartments and 825 sqm of ground floor retail. The proposed development features plans for a range of one, two and three-bedroom residences, as well as pavilions and four-bedroom penthouses.

The ground-floor will feature a retail precinct. This space is designed to seamlessly weave landscaped green enclaves, water features and shaded areas into a unified space that connects to the neighbouring Waterfront Park. 

“We’ve carefully considered how the [new] building will interact with the broader Newstead precinct”, said Mirvac’s Head of Residential Stuart Penklis, “including an active street-level, which we envision will become a destination in its own right, providing improved linkages to the river, Gasworks and green spaces for the whole community to enjoy.” 

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The building will feature a riverside rooftop with a pool, sunset bar, sky gardens and wellness spaces. Level two will be home to a gym and business centre to support the increasing trend of people working from home. 

Planning for this new stage of development was brought forward due to the success of neighbouring development Quay, which is close to selling out after over $155 million in sales. 

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This new project will mark the second stage of Mirvac’s “Sky Precinct” development at 57 Skyring Terrace in Newstead. 

Waterfront Newstead has been in development since 2001. This sizeable project includes a completed Pier as well as the Park and Unison buildings. The most recent buildings to be developed include Quay and LIV Anura, which is due for completion in early 2024. 

Pending approval, Mirvac anticipates that their newest building within their sprawling Newstead development will be released to market in mid-2022. 

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