Plans for a $1.5bn mixed-use masterplan to be delivered by veteran developer Kevin Seymour in the heart of Brisbane have been greenlit by council.
The Seymour Group is set to transform the former car yard at Newstead, on Brisbane’s north side, into a mixed-used precinct that integrates residential, retail and office space for hi-tech light industry, such as robotics and computer-aided design.
The 2ha site will incorporate eight buildings ranging from 12 to 15 storeys and become the first signs of the city upon coming from the airport along the Brisbane River.
A “green spine” will also deliver more public open space to the area and act as shared urban commons for those who work and reside there.
Project director Dan Farquhar said the development would be built in stages, with its first residents moving in within three years, well ahead of the 2032 Olympic Games.
He said the project would contain quality residential apartments that drove an evening and weekend economy supporting local businesses.
“The project targets owner-occupiers and aspirational buyers, continuing the urban renewal of this precinct with quality products,” he said.
The approval comes as Brisbane City Council looks to satisfy its twin aims of maintaining inner-urban light industry and creating desperately needed housing.
The project was found to meet high-density requirements, more shopping choice and the creation of a walkable neighbourhood nearby some of the city’s blue-chip suburbs.