Mirvac has commenced work on more than 500 apartments across two new residential developments at its $1 billion Waterfront Newstead community, to help meet low vacancy rates and significant demand for property in Brisbane.
Combined, the dual-tower $270 million LIV Anura Build-to-Rent project and $180 million Quay Waterfront Newstead premium riverside development will deliver 538 apartments and create more than 500 direct and indirect construction jobs over the next three years.
LIV Anura, which is being delivered in partnership with the Queensland Government as part of its Build-to-Rent Pilot Project, will offer 395 apartments exclusively for renters, including 25 per cent for key workers, across the 23 level and 25 level buildings.
It is set to be one of the first large-scale build-to-rent projects in Brisbane to welcome residents when completed early 2024 and will revolutionise the rental experience in the city.
LIV Anura will feature a dedicated community team, a suite of sustainability initiatives including 100 per cent renewable energy to all apartments and car, bike, scooter and E-bike share, and an entire level dedicated to facilities, such as a cinema, games room, yoga studio, gym, pool, co-working spaces and a pet park.
Quay Waterfront Newstead comprises 143 luxury riverside apartments across 25 levels and residents will have access to a luxury rooftop pool and entertainment sanctuary, exclusive shared dining room, wine room and ground-floor yoga studio, gym and wellness rooms.
Construction is also anticipated for completion in early 2024.
More than half the site area of Quay will be dedicated to open space, injecting more than 2,000 square metres of parkland to expand Waterfront Park, while LIV Anura will contribute more than 1,000 square metres of retail and deliver a new cross block linkage connecting Skyring Terrace and Festival Place for easy pedestrian access to the parkland and riverfront.
Mirvac General Manager Build-to-Rent, Angela Buckley, said the start of work on the two projects simultaneously is part of Mirvac’s plans to ramp up its pipeline in Brisbane, with significant demand across all sectors of the property market.
“Developments like LIV Anura are crucial, with the city’s residential vacancy rate plummeting in the last year due to an extremely tight rental market,” she said.
“Designed and built exclusively for renters, it is expected to be one of the first projects of its scale to open to residents in Brisbane and will raise the bar for the rental experience.”
“It will be unlike anything delivered to date, with dedicated on-site staff, a resident app, 3,000 square metres of resort-style amenity and a strong focus on sustainability, finessed from the learnings of our flagship project LIV Indigo in Sydney Olympic Park.”
“All these elements ensure we are creating a home and a fantastic lifestyle, not just a place to rent, giving residents a sense of safety, belonging and personalisation, along with opportunities to connect with their neighbours.”
“In partnership with the Queensland Government, a quarter of apartments will be offered at a 25 per cent discount to key workers, helping those in important industries like health, education and emergency services who have given so much over the past 18 months to live affordably, close to employment.”
Queensland Treasurer and Minister for Investment, Cameron Dick MP, said driving the continued growth of Queensland’s construction sector is a key part of the State Government’s COVID-19 Economic Recovery Plan.
“By turning the sod on this Mirvac project, we’re firing the starter’s pistol on jobs here in Brisbane and the creation of new rental homes for Queenslanders who want to live and work near the CBD,” the Treasurer said.
He said the dwellings that will be provided at a discounted rent via a government subsidy will deliver a better lifestyle for Brisbane city-based workers and their families who’ll be able to access affordable housing closer to their jobs.
“The Build-to-Rent sector is a growing asset class in Australia and developments like this highlight the opportunity for business investment here in Queensland.”
Mirvac General Manager Residential Queensland, Warwick Bible, said LIV Anura and Quay are the next chapters in the mixed-use Waterfront Newstead community, which Mirvac has been delivering for two decades.
“When we completed the first stage of Waterfront Newstead, Pier, in 2011 we spearheaded the urban renewal of Newstead and LIV Anura and Quay follow that proud legacy,” he shared.
“The two projects complement each other, providing a range of new opportunities to live in this fantastic location, with our Quay apartments setting a new standard for holistic riverside living.”
“Quay is designed to make a statement with a bold organic architecture and lush landscaping spilling from its balconies, while inside residents enjoy refined interiors and stunning Brisbane River views.”
“The significant demand for these apartments has prompted us to accelerate the development program for the next exciting stage in the precinct, which we are already taking registrations of interest for.”
LIV Anura will be located at 60 Skyring Terrace and Quay Waterfront Newstead will be located at 57 Skyring Terrace.