Ascot Green is a series of luxury residential buildings located in the heart of the Brisbane Racing Club, between Eagle Farm and Doomben Racecourse. Expected to comprise of eight residential towers, with over 1,100 apartments, Ascot Green has been deemed the financial jewel in the crown of BRC’s Master Plan.
To date, two of these towers, Ascot House and Tulloch House, have been completed and are both fully sold.
Construction of the third building, Charlton House, commenced in July 2022. This tower is expected to be completed in mid-2024. Charlton House will comprise of 113 apartments over 13 levels with a mix of 1, 2, 3 and 4 bedroom apartments as well as 3 bedroom Villas. For more information on Charlton House, please visit the Ascot Green Website here.
As with all the major opportunities in the Master Plan, the development parameters for this key site were established, including all the components that were of importance to the Club, and then the opportunity was taken to the market to seek Expressions of Interest in 2015.
As expected, a significant number of responses were received and the subsequent shortlist included some of the top Australian development companies. After an intense analysis and negotiation, Mirvac was selected as the development partner for the project. Mirvac brought a very high level of residential development expertise to the table accompanied by a strong reputation in the industry.
Mirvac is a well-substantiated award-winning developer who has been completing high level builds since the 1970’s. They are known for outstanding achievements including The Melburnian and Pier in Newstead QLD and are responsible for many more quality products such as these. Mirvac’s diverse portfolio includes not only residential but also commercial offices, retail centres and industrial properties. BRC is proud to partner with Mirvac in delivering the remaining buildings for a first ever, high quality trackside offering that is Ascot Green.
The Master Plan strategy for the BRC has always been to retain ownership of the land, however, to extract full value from a residential project it was necessary to be able to sell freehold lots (strata titled apartments). The BRC retained the Management Rights for the completed apartments which not only provides a future cash flow but also helps retain some level of control over the aesthetics and operations of the complex.