The Brisbane Racing Club has announced leading property group Mirvac as the preferred partner for the development of the $850 million Eagle Farm Residential Precinct.
BRC Chairman Neville Bell said Mirvac had been selected after intense interest in the joint venture opportunity that will deliver more than 1200 apartments on land around Queensland’s most famous racecourse.
“The Eagle Farm Residential Precinct is the centre piece of a $1.2 billion Master Plan that will transform this historic area of land around Eagle Farm and Doomben racecourses,” Mr Bell said.
“We are extremely pleased to partner with Mirvac on this project. This has been a thorough process. This decision represents a major milestone for the BRC in delivering our Master Plan and we look forward to the next step.”
Mr Bell said the project included 1222 apartments in eight residential towers on the southeastern corner of the Eagle Farm.
He said construction was expected to start in 2016. The BRC has already gained full planning approval for the project.
“We spent five years gaining planning approval so we have already made significant progress towards this residential precinct,” Mr Bell said.
On behalf of the BRC, Knight Frank commenced an international expression of interest campaign in September 2014, generating more than 100 enquiries from interested parties.
The BRC created a shortlist featuring Mirvac, Leighton Properties and Walker Corporation. Their final bids were submitted on April 10. The BRC used independent advice to assist in its final decision.
“The three bids were outstanding – this was a very tough decision for the BRC Committee,” Mr Bell said.