CONSTRUCTION is now underway on Mirvac’s $212 million Brisbane apartment building, Isle at their $1 billion Waterfront Newstead community.
Located at 57 Skyring Terrace, Isle is the third apartment building underway at the Waterfront Newstead, following the adjoining 25-level $197 million Quay and $270 million build-to-rent development, LIV Anura, which is being delivered in partnership with the Queensland Government.
The entire community will comprise more than 650 apartments, around 2km out from the Brisbane CBD, with half of the residences to be build-to-rent apartment offerings.
Currently, 78% of the 133 apartments available at Isle have been sold off-the-plan—including all four ultra-luxury penthouses—since launching to the market in July 2022.
“With Isle under construction, we now have more than $675 million in projects underway at Waterfront Newstead – it’s a very significant investment and a clear demonstration of our confidence in this city and this precinct’s unparalleled location by the Brisbane River,” said Warwick Bible, general manager of residential development QLD at Mirvac Group.
“We’re seeing the Brisbane market performing well, underpinned by strong fundamentals with ongoing population growth, the return of immigration, tight vacancy, robust rental growth and restricted future supply outlook plus employment opportunities and major public and private investment ahead of the 2032 Olympics, and we are committed to continuing to be part of that legacy.”
Sales at Isle have ranged from $540,000 to $6.25 million, with over 30% of buyers from direct surrounding suburbs of Newstead, New Farm and Teneriffe, while more than two thirds plan to own and occupy.
The apartment building will include a suite of amenities including the rooftop Isle resort, with its infinity-edge pool, floating sunbeds wellness centre, dining room, sunset cocktail bar and yoga lawn.
As well as a business centre and gym, located on level two, and a concierge service available for use by all residents.
Isle’s sister building, Quay, is also under construction, having been 100% pre-sold and will feature another 9,000-plus plants.
“Across Isle, Quay and LIV Anura, we’re delivering a diversity of new housing, including our luxury riverside residences and our 396 build-to-rent apartments, of which 25 per cent will be subsidised by the State Government as key worker affordable housing,” added Bible.
“These projects, along with our recently delivered Heritage Lanes at 80 Ann Street, highlight our capability as specialists in precinct delivery, a result of our best-in-class integrated model and expertise that spans the residential and commercial sectors.”
In delivering Isle, around 1,500 workers will be inducted onsite. With more than 3,000 workers across the full Waterfront Newstead project.
More than 5,570sqm will be reserved as green open space for the community, including parkland, shaded seating, water features and public art.
Mirvac Group CEO and managing director Campbell Hanan joined Bible, Brisbane lord mayor Adrian Schrinner and city planning suburban renewal committee chair councillor Adam Allan to turn the first sod on Isle.
Mirvac’s Quay and its build-to-rent Queensland debut LIV Anura are both anticipated for a 2024 completion. While Isle is anticipated to be completed in late-2025.
