Mirvac Unveils Plans for $1 Billion Community on the Brisbane River

Adding another 25-storey apartment tower, Mirvac has just unveiled the new plans for the $1 billion community to be built on the Brisbane River in Queensland.

Located in Newstead, the Brisbane City Council has approved 135 apartments and ground floors dedicated to retail. This site will sit alongside the currently under-construction Quay tower, also by Mirvac Design.

The tower will also feature a lap pool, infrared and magnesium spas, a dining room, a cocktail bar and urban forest landscaping.

The area has undergone significant development in the last 10 years, as the population in the area grows and the area adapts to demands for sustainable building as well as more real estate.

Apartment prices have increased 15.1% in the past year, according to CoreLogic. The demand for living spaces in major cities is close to problematic, as vacancy rates hit a tight 0.7% for the month.