The Courier-Mail

Mirvac to develop $850m Eagle Farm project

- SOPHIE FOSTER

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”.

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