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 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.