Mirvac is planning to launch the next stage of its $1 billion Waterfront Newstead community in Brisbane early next year, after receiving Development Approval for its new Sky Precinct from Brisbane City Council.

The next stage of the transformative project, which is located alongside the Brisbane River in Newstead, has been designed as a 'park within a park', drawing greenery from neighbouring Waterfront Park up its facade and across lush landscaped balconies.

The 25-level building was envisioned by the award-winning Mirvac Design team and will feature 143 one, two, three and four bedroom apartments, designed for owner-occupiers and to embrace Brisbane River views and the city's sub-tropical climate.

Located at 57 Skyring Terrace in Newstead, it will also include a suite of exclusive resident lifestyle amenities, retail and a ground-level tropical oasis featuring pools of water, shaded enclaves and grassed areas, designed in conjunction with landscape architects RPS, which will connect to - and expand - Waterfront Park.

Work is anticipated to commence on site in the coming months on a new Waterfront sales and display suite, on the corner of Cunningham Street and Skyring Terrace, in preparation for the project's launch.

Mirvac Head of Residential Stuart Penklis said the developer had proactively engaged with the community and Council on the design prior to lodging the development application, which was in keeping with the Newstead and Teneriffe Waterfront Neighbourhood Plan.

"We are thrilled to now have approval to bring this exciting vision to life," he said.

"Our focus has been on creating a building that will become a true landmark of the Brisbane City skyline and a lifestyle destination that does full justice to its prominent location, on the Brisbane River, with an array of amenity at the doorstep and just two kilometres from the CBD.

"In speaking to the community prior to developing our design, we understand just how important Waterfront Park is to residents of this area and are excited to be expanding, and improving, this green space as part of the development, with over 50 per cent of our 5,552sqm site dedicated to open space."

Mirvac started developing its vision for the Waterfront Newstead masterplan in 2001 and has delivered the first three stages - Pier, Park and Unison, with development approval in place for another future stage, the Shore Precinct.

Mr Penklis said Mirvac was planning to push the button on the Sky Precinct as the next stage, due to strong interest from potential purchasers and the opportunity to deliver the expanded green open space to the community as soon as possible.

"We have already been receiving interest from potential purchasers, who love the Newstead area and are impressed by our vision for the Sky Precinct," he said.

"Resident amenities will include a ground level wellness centre with gymnasium and yoga studio that look out to water features and tropical landscaping and a resident's lounge and private dining room on level 19, with spectacular views of the New Farm reach of Brisbane River.

"The jewel in the crown will be the roof-top 25 metre infinity edge pool, spa and barbeque terrace, with views over the Brisbane river."

Mr Penklis said Mirvac was planning a boutique retail precinct at the base of the Sky Precinct.

"When we engaged with the local community on what amenities they would like to see delivered at Newstead, they strongly endorsed more bespoke retail and dining, along with the expanded green space," he said.

"We have listened to this feedback and are planning to target this style of operator for the new retail precinct, which will connect to the parkland and activate a new urban lifestyle hub in the heart of Newstead."

Sarah Buckley

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