Mirvac Adds Tower to $1bn Newstead Masterplan


Despite the uncertainty surrounding the impacts and duration of the coronavirus outbreak, Mirvac is moving ahead on new projects, unveiling plans for a 25-storey residential tower.

The ASX-listed diversified developer has now put forward plans for its latest riverfront project, a 143-apartment tower dubbed Sky Precinct, set to be part of its $1 billion Newstead masterplan in central Brisbane.

The proposal, located at 58 Skyring Terrace, expand's the area's waterfront parkland, located two kilometres from the Brisbane CBD.

The project will offer a mix of one, two and three bedroom apartments, with a limited collection of premium four bedroom residences with views of the Brisbane River as well as a 25 metre infinity pool on the building's roof.

▲ Mirvac's application significantly expand's the area's waterfront parkland, along with offering quality apartments, lifestyle amenities and retail. . Image: Mirvac
▲ Mirvac's application significantly expand's the area's waterfront parkland, along with offering quality apartments, lifestyle amenities and retail. . Image: Mirvac

The first two stages were completed almost ten years ago following several years of site remediation and infrastructure works.

Stage one, which completed in 2011, saw the development of two premium residential apartment buildings comprising of a total of 99 state-of-the-art apartments.

The masterplan's second stage, Park, was completed in 2012. Featuring 102 apartments in one, two and three-bedroom configurations.

Mirvac's $200 million twin-tower residential development Unison opened in early 2017, featuring 135 apartments as well as nine terrace homes.

Mirvac is currently undertaking its latest Newstead development, Shore, which will contain 333 apartments spread over two towers as well as offices and retail outlets at 60 Skyring Terrace.

Mirvac residential general manager Warwick Bible said the proposal would follow in the footsteps of the previous landmark stages of Waterfront Newstead—Pier, Park and Unison.

As a result of uncertainty around the coronavirus, Mirvac last month withdrew the 3-4 per cent earnings per share growth and 5 per cent dividend-per-share growth it restated when announcing its half-year earnings.

Mirvac gave no detail as to which parts of its business were most affected as it withdrew all forward-looking statements, including comments about active and passive earnings.

Mirvac said its balance sheet and debt position continued to remain robust and the group was well-positioned with $944 million of cash and committed undrawn bank facilities available and gearing levels of 20.8 per cent at the end of 2019.

Last year, the developer made 19 per cent of operating EBIT earnings from retail property, 58 per cent from office and industrial and the remaining 23 per cent from residential.

The developer said it had only $200 million of debt maturing in the next 12 months, which could be repaid from available facilities.

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