Lendlease and the Brisbane Racing Club have teamed up to deliver the $270 million Bernborough Ascot precinct, Australia’s first vertical retirement community built on a racecourse.
Developed over four stages under an agreement with the Brisbane Racing Club, Bernborough Ascot will offer 300 oversized independent living apartments and a wide range of private resort-style facilities.
Neville Bell, chairman of Brisbane Racing Club, says Bernborough Ascot is a key pillar of the club’s $1.2 billion master plan, which transforms the Doomben and Eagle Farm precinct into a “premier multigenerational lifestyle precinct for Brisbane”.
“We expect many of our members will be very interested in the possibility of living at Bernborough Ascot, together with other longstanding locals from this area,” Bell says.
One, two and three-bedroom apartments and penthouse style homes will feature exceptional views and state-of-the-art kitchens.
Private resort style facilities will include a trackside ‘masters lounge’ and club with bar and garden-facing art studio.
Plans for future stages include a bowling green, health and wellness studio with a pool, spa, gymnasium and consulting rooms, a theatre, restaurant, private dining areas and more.
Lendlease offers buyers a choice of purchase options ranging from the traditional deferred management fee model with a lower entry price and future exit payment, to a prepaid plan where owners pay no exit fees and retain any capital gain from a future sale.
Prices start at $485,000 for a one-bedroom apartment and $1.4 million for a penthouse.
Construction commenced in January 2019 with completion of the first stage expected by around mid-2020.
Lendlease owns and operates 72 villages around Australia with approximately 17,000 residents.
Tony Randello, Lendlease’s managing director of retirement living, says his team’s vision for the project is to “embrace the history, tradition and legacy of the Doomben Racecourse” while “creating an intergenerational precinct for the Brisbane Racing Club and the broader Ascot community”.
“This new community will provide the best of both worlds – easy connections to the city and ready access to services, yet in an apartment designed as a retreat from the fast pace of urban life.”
The precinct has been named after one of Australia’s greatest thoroughbred racehorses, Bernborough. From 1941 to 1946, the Queensland-born bay horse achieved 15 consecutive victories including the Doomben 10,000 and Doomben Cup in the same year.