Mirvac Adds Another Tower to $1bn Newstead Masterplan

Mirvac has submitted plans for the sixth tower in its $1-billion residential Waterfront Newstead precinct on the Brisbane River.

The country’s largest listed developer has submitted a development application for a 25-storey apartment tower, designed by its internal team, featuring 135 apartments and 825sq m of ground floor retail.

The project marks the second stage of Mirvac’s “Sky Precinct” at 57 Skyring Terrace in Newstead.

The building will feature a mix of one, two and three bedroom residences, along with expansive four bedroom pavilions and penthouses.

It will include a riverside rooftop featuring a pool, sunset bar, sky gardens, wellness spaces, along with a gym and business centre on level two to facilitate the continued trend towards working from home.

On the ground-floor, it will offer a collection of prime retail spaces, which integrate with landscaped green enclaves, water features and shaded areas connected to the neighbouring Waterfront Park.

Mirvac head of residential Stuart Penklis said the planning phase for the new stage was brought forward shortly after the successful debut of a neighbouring development Quay which is nearing sell-out following over $155 million in sales.

“The response to Quay has been phenomenal and we realised early on it was going to reach its sales targets well ahead of schedule, prompting us to start looking at expediting timelines for this exciting next stage,” Penklis said.

“We’ve carefully considered how the [new] building will interact with the broader Newstead precinct, 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.”

Mirvac has been developing its Waterfront Newstead community since 2001, including the completed Pier, Park and Unison buildings and its latest stage, Quay and LIV Anura, which is under construction and due for completion in early 2024.

Quay received development approval in July 2020 and comprises a mixed-use scheme with ground level retail and 136 premium residential apartments over 25 levels, ranging from one to four bedroom apartments, designed for owner occupiers.

The developer is also well advanced on a mixed-use scheme, Shore, which will contain 333 apartments spread over two towers as well as offices and retail outlets at 60 Skyring Terrace.

At 58 Skyring Terrace, Mirvac has similarly scaled plans for 25-storey residential tower comprising 143-apartments.

Pending approval, Mirvac is anticipating the new building will be released to market in mid-2022.