Silverstone Developments has revealed pre-lodgement plans for a mixed-use commercial project in the Brisbane’s Ascot.
The proposal will replace a former Woolworths supermarket building from the 1960s, most recently occupied by IGA and BWS, at 77 Racecourse Road on the corner of Kent Street.
Silverstone paid $9.75 million for the 3126sq m site in December, 2021 picking it up from Ascot Investments, Kay Webster and Karonie.
The site was sold through an expression of interest campaign by Ray White Commercial’s John Highman.
The $70-million project comprises a four-storey building with two levels of basement parking, ground floor retail, a medical and allied health area at the back of the ground floor and three levels of office space above it.
Silverstone plans to file the PDT Architects-designed plans in July and to start construction around Christmas.
The developer says sustainability is a key component with green infrastructure, low-emission materials and natural light all part of the project design and plans.
Ascot is 3km north-east of Brisbane’s CBD and close to the masterplanned Eagle Farm Racecourse community and the Olympic Village in Hamilton.
Silverstone managing director Troy Daffy said nearby suburbs may provide a ready and steadily expanding market for the commercial and retail opportunities the project offers.
“We thought with all the guys who live in Clayfield, Hamilton and Ascot who have offices in the city, a really high-end development in Racecourse Road would draw a lot of them away from the CBD and closer to home,” Daffy said.
Silverstone's other commercial projects have included Stratton Commercial and E_CO in Newstead, Herston Commercial Car Park, Rochedale Centre, Macquarie Street Offices in Tenerife and Spring Hill Day Hospital.