Mirvac to develop $850m Eagle Farm project
AN $850 million residential development that is expected to “assure” the future of bluechip Brisbane suburb Ascot has moved a big step closer.
Brisbane Racing Club yesterday announced it had chosen national property development group Mirvac to partner the club in a massive revamp of the historic racecourse area and its residential offerings.
Three developers were in the running for the Eagle Farm Residential Precinct project, which was expected to see “significant urban regeneration” of the area.
The development precinct covers 54,000 square metres alongside Eagle Farm race- course, located 6km outside Brisbane’s CBD.
The contract involves Mirvac delivering the $850 million residential precinct, which combines horse racing with “Brisbane’s newest destination for food, retail and lush public parkland”.
A range of one, two and three-bedroom apartments were expected to make up the residential portfolio.
No date has yet been set for the groundbreaking revamp, but it is anticipated to be mid next year, around the time major redevelopment of the racecourse is completed.
Brisbane Racing Club chairman Neville Bell was confident the development would keep the racecourse as the Queensland epicentre of thoroughbred racing and breathe new life into the area.
“We are pleased to welcome (Mirvac) to this exciting venture,” he said. Mirvac head of residential John Carfi said the project would “assure Ascot’s future”.