The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
1
print
Print
ResidentialTaryn ParisFri 09 Sep 22

Local Buyers Out of the Gates on Racecourse Redevelopment

Mirvac has raked in $70 million in apartment sales off the plan for its $135-million racecourse redevelopment.

Mirvac has broken ground on its 14-storey Charlton House, a 113-apartment development in the centre of the historic Eagle Farm Racecourse.

Mirvac general manager of residential in Queensland Warwick Bible said it was predominantly local buyers who had raced to purchase apartments, which ranged from $499,000 to more than $3 million. 

He said the start of the 21-month construction program was a major milestone for the community following the fast-tracking of the project to meet demand. 

It is the third project that Mirvac’s in-house construction arm has commenced work on in Brisbane.

“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.”

Mirvac's Charlton House is one of three projects it has under construction in Brisbane.
▲ Mirvac's Charlton House is one of three projects the developer has under construction in Brisbane.


Mirvac is currently building out the $197-million Quay luxury riverside apartments as well as the $270-million dual build-to-rent tower LIV Anura in the $1-billion Waterfront Newstead masterplanned precinct. 

Charlton House is slated for completion mid-2024 and is forecast to create about 300 construction jobs through the program of work. 

Urbis data shows there are 1477 apartments under construction and a further 2221 in the pipeline next year, within a 5km radius of Brisbane’s CBD, while inner-city vacancy rates have dropped to 1 per cent. 

Place Advisory’s Spring 2022 Apartment report shows Brisbane’s apartment stock is down to two months’ supply, while projects across the city are deferred due to building materials price inflation, and dire labour shortages that continue to cripple the industry. 

ResidentialBrisbaneAustraliaReal EstateSector
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
5 Min
Forme's James Place on James Street, Fortitude Valley Brisbane
Exclusive

Forme Pushes the Boundaries on James Street Precinct

Renee McKeown
4 Min
Exclusive

Invicta House Rebirth Proves Recipe for Heritage Success

Leon Della Bosca
7 Min
Exclusive

Freecity’s $300m PBSA to Prove Worth of Modular at Scale

Leon Della Bosca
7 Min
Exclusive

Billbergia’s John Kinsella: Whiskey, Fun and a Fear of Heights

Vanessa Croll
8 Min
View All >
HWL Ebsworth's adaptive reuse plan for 5 martin Place Sydney
Office

Martin Place ‘Money Box’ Revamp Plans Filed

Leon Della Bosca
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
South Molle Island before Cyclone Debbie
Hotel

South Molle Island on Block as Chinese Owners Exit

Leon Della Bosca
Chinese owners reportedly seek $30m after $25m purchase as Whitsundays tourism market attracts billionaire investment…
LATEST
HWL Ebsworth's adaptive reuse plan for 5 martin Place Sydney
Office

Martin Place ‘Money Box’ Revamp Plans Filed

Leon Della Bosca
4 Min
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
5 Min
South Molle Island before Cyclone Debbie
Hotel

South Molle Island on Block as Chinese Owners Exit

Leon Della Bosca
4 Min
Hindmarsh Tiers Retreat HERO
Hotel

Eco-Luxury Retreat Revealed for SA’s Fleurieu Peninsula

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/mirvac-charlton-house-sales