Ground breaks at new apartment development bordering a Brisbane racecourse. Image – Supplied
  • Ground has broken at the project with construction expected to be completed mid-2024
  • The project is being delivered with colaberation from the Brisbane Racing Club
  • Brisbane currently has an estemated two months of appartment supply left

Construction has kicked off at Charlton House, Mirvac (ASX: MGX)’s latest development which will see 113 new additions to Brisbane’s scarce apartment supply.

New research from Place Advisory’s Spring 2022 Apartment report suggests that the city’s apartment supply will last for just two more months with the current strong sales rate.

The report found that currently 75% of apartment projects are sold out. This is echoed by Charlton House which has already sold more than $70 million worth of apartments just three months after its launch to market.

Charlton House joins a number of projects currently under construction by Mirvac. These include the $197 million Quay riverside apartments and the $270 million dual-tower LIV Anura, both are a part of the $1 billion Waterfront Newstead master-planned development, on the Brisbane River.

Charlton House will be the latest addition to Ascot Green, with previous projects at Tulloch House and Ascot House already sold out. The master-planned community borders Brisbane’s Eagle Farm racecourse.

Mirvac General Manager Residential Queensland, Warwick Bible, said the start of construction was a major milestone for the community, following the fast-tracking of Charlton House to meet demand.

“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.”

“The start of construction signals the next phase of urban renewal for the historic Eagle Farm, giving more people the opportunity to live in this fantastic location.”

Warwick Bible, Mirvac General Manager Residential Queensland

The apartment project has seen collaboration between Mirvac and Brisbane Racing Club (BRC) who own the Eagle Farm Racecourse. The racing club is undergoing its own redevelopment with a master plan which spans ten years and will see new commercial and entertainment components along with its residential additions.

Brisbane Racing Club Chairman, Neville Bell OAM, said the start of construction is an important stage in the BRC Masterplan.

“The commencement of Charlton House is the third stage of our partnership with Mirvac, undoubtedly a significant milestone in working towards the completion of the Brisbane Racing Club’s $1.5 billion Masterplan,” he said.

“Our Masterplan has set the standard for the redevelopment of ancillary land owned by race clubs around the country, in doing so we are safeguarding our legacy and relevance as a club for years to come.

“Eagle Farm Racecourse is the heart of the Ascot; and we look forward to welcoming the residents of the 113 residences to our community.”

Neville Bell OAM, Brisbane Racing Club Chairman

The Charlton House project is expected to be completed by mid-2024.

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