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Mirvac Group (ASX:MGR) has today announced the second phase has begun for its Ascot Green masterplanned community development in Brisbane, which is the first racecourse-fronting apartment project to be delivered in Australia.
Work has started on Tulloch House as part of the $77 million second stage of the project, with developers expecting 1,300 workers on site throughout the construction period until late 2021.
Located within the Eagle Farm Racecourse precinct, the project is being built by Mirvac Construction and forms part of Brisbane Racing Club's $1.2 billion masterplan redevelopment to include luxury apartments, retirement living and aged care, commercial offices, a mix of retail, dining, medical services along with childcare and a swim school.
The company has already completed the first building of the project - Ascot House.
Mirvac general manager of residential development in Queensland, Warwick Bible, says construction of Tulloch House is a demonstration of the demand for quality developments with owner-occupier appeal and Mirvac's commitment to the Brisbane market.
The company is also developing the $851 million 80 Ann St workplace precinct in the rivercity as well as a new Suncorp headquarters in Brisbane's CBD.
"Mirvac has a strong history in Brisbane - we have delivered some of the city's most iconic projects," says Bible.
"This commitment to deliver high quality communities for our customers to call home continues now more than ever. The local team here in Queensland is committed to supporting the development and construction industry more broadly.
"We know how important it is for local construction workers and suppliers that new projects like Tulloch House continue to go ahead in this climate, and we are in a strong position to do that."
Tulloch House features 84 one, two and three bedroom apartments across eight-levels, with the neighbouring Ascot House recently completed comprising 90 apartments across nine-levels. Only three apartments remain at Ascot House.
Bible says the allure of living alongside 50 hectares of green open space has made the community popular with buyers across a broad spectrum.
"The racing community was certainly among the first to secure their place at Ascot Green, however the project has appealed to an array of buyers from young professionals, to families and downsizers," he says.
"They love the feeling of being surrounded by green open space in a village environment, with significant lifestyle amenity at the doorstep, while being within an easy commute of the city centre and close to the motorway and airport."
Brisbane Racing Club chairman Neville Bell says it is more important than ever to move forward with projects like Tulloch House.
"Tulloch House is the next step in our masterplan and to progress it at this time, employing more than a thousand locals, is significant not just for this project but the broader industry in Queensland," he says.
"The Eagle Farm Racecourse redevelopment has been setting a new standard for how we can better activate prime racecourse land in Australia, and to again be leading the charge in starting work and generating employment at this time is just another milestone in the masterplan.
"We have a proud 150-year legacy in Brisbane and, with partners like Mirvac by our side, we will ensure we build on that strong legacy over the next 15."
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