Approval Granted for Transformative $1.5-Billion Urban Renewal Project

In the heart of Brisbane’s inner-north, a visionary $1.5-billion urban renewal project has been given the green light. Spearheaded by Queensland’s property industry veteran, Kevin Seymour, the North Newstead development by Seymour Group is set to be a game-changer. Taking up a vast site, equivalent to a CBD block on Breakfast Creek Road, it’s a site that was once home to AP Eagers, the nation’s second-largest automotive dealer.

This ambitious project is a melting pot of residential units, cutting-edge future industries like robotics, computer-aided design, communication technology, and a retail haven. Eight towers, soaring between 12 to 15 storeys, will grace the landscape, interconnected by a “green spine” of public open spaces, adding new urban commons to the 2-hectare site. Kevin Seymour acquired this valuable land in 2019 for $61 million, and the development application was lodged in late 2021, in collaboration with the esteemed architecture firm Bureau Proberts.

Dan Farquhar, the project director, emphasizes the transformative impact of North Newstead on the region’s liveliness and vibrancy. In tune with the community’s desires, the project promises more off-street parking, improved access, and an array of amenities, including fresh food markets and retail services, benefitting the locals immensely. Additionally, Brisbane City Council’s endorsement underscores the importance of maintaining inner-urban light industry while addressing the urgent housing needs.

An exciting aspect of the development is the residential component, which is expected to invigorate an evening and weekend economy, creating strong support for local businesses. As we anticipate the first residents moving in within three years, well ahead of the 2032 Olympic Games, the project aims to attract owner-occupiers and aspiring buyers, injecting a fresh urban renewal spirit into the precinct.

Brisbane City Council’s approval recognizes the site’s capacity for increased density, paving the way for a walkable neighborhood that offers seamless access to public transport, job opportunities, recreation, education, and community facilities, thereby reducing reliance on vehicles for daily commutes.

The area surrounding North Newstead is bustling with notable developments, like a lavish penthouse with a $20-million price tag at Mirvac’s Pier development, and Melbourne developer Kokoda’s massive $124-million acquisition of Riverside Marine’s nearby site. Additionally, plans are in place for a 17-storey tower featuring 199 apartments adjacent to Brisbane’s iconic Breakfast Creek Hotel, and another proposal for a 14-storey residential tower with 62 apartments along the Brisbane River at 92 Kingsford Smith Drive, Hamilton. However, it’s the North Newstead development that takes center stage, redefining Brisbane’s inner-north with its trailblazing blend of residential spaces, cutting-edge industries, and vibrant retail offerings.