Mirvac’s Next Newstead Tower Wins Approval

Mirvac has unveiled the latest plans for its $1-billion community on Brisbane River, adding another 25-storey apartment tower.

The Isle tower, with 135 apartments and ground floor retail, has won approval from the Brisbane City Council, the latest stage of the precinct, at57 Skyring Terrace, Newstead.

The approval follows Mirvac’s under-construction Quay tower, next door on the same site, which sold out 136 apartments within seven months, for $197 million. 

The latest tower for the precinct, created by the Mirvac Design team, features a lap pool on the roof, infrared and magnesium spas, dining room and cocktail bar along with “urban forest” landscaping.

The Isle plans include three- and four-bedroom pavilions as well as four-bedroom penthouses that will each span half a floor.

The 4295sq m site was part of the Newstead Riverpark urban renewal area surrounding the Gasworks, which had undergone significant redevelopment in the past 10 years.

▲ Mirvac's latest plans for Newstead and the rapid development of the area between 2011 and 2021, as seen in Nearmap imagery.

The masterplan vision for the 16ha area was created in 2001. Mirvac moved forward with early plans for its sites in 2006 and a neighborhood plan was adopted in 2011, sparking rapid development in the area.

Mirvac head of residential Stuart Penklis said they planned to launch the Isle in the middle of this year.

“We have launched nine major apartment projects in the past 12 months, including Isle Waterfront Newstead,” Penklis said.

“We are seeing a rise in demand for premium, well-located, larger and higher specification apartments from owner-occupiers, which is what Isle will respond to, with everything from one-bedroom apartments to four-bedroom penthouses.”

Apartment prices in Brisbane have increased 15.1 per cent in the past year, according to Corelogic, and recorded the fastest gains in the country last month at 1.6 per cent.

This came as vacancy rates hit an extremly tight 0.7 per cent for the month and 1.5 per cent in the inner city.