REAL ESTATE INVESTMENT TRUSTS & FUNDSRESIDENTIAL PROPERTY

Lendlease racing ahead with Bernborough Ascot

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LENDLEASE has unveiled plans for the $270 million Bernborough Ascot precinct, which will form part of Brisbane Racing Club’s $1.2 billion master plan for the Doomben and Eagle Farm precinct.

Developed over four stages under an agreement with BRC, Bernborough Ascot will offer 300 independent living apartments and private facilities and be the first Australian vertical retirement community built on a racecourse.

High end one, two and three-bedroom apartments and penthouse style homes start at $485,000 for a one bedroom apartment and $1.4 million for a penthouse.

Private facilities will include a trackside masters lounge and club with bar and garden-facing art studio. Plans for future stages include a bowls green, health and wellness studio with a pool, spa, gymnasium and consulting rooms, a theatre, restaurant, and private dining areas.

Buyers will have 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.

Construction of Bernborough Ascot began in January 2019 and completion of the first stage is expected around the middle of 2020.

“The two-hectare precinct would give residents the opportunity for an active and connected lifestyle in an exceptional location close to all essential health and community services, shopping, dining and entertainment,” managing director of Lendlease Retirement Living, Tony Randello said.

“Our vision for Bernborough Ascot is to embrace the history, tradition, and legacy of the Doomben Racecourse as well as contribute to creating an intergenerational precinct for the Brisbane Racing Club and the broader Ascot community.”

The precinct takes its name from champion Queensland-born thoroughbred racehorse Bernborough, which achieved 15 consecutive victories from 1941 to 1946, including winning the Doomben 10,000 and Doomben Cup in the same year.

BRC chairman, Neville Bell said Bernborough Ascot was a key pillar of BRC’s $1.2 billion master plan, which was transforming the Doomben and Eagle Farm precinct into a premier multigenerational lifestyle precinct for Brisbane.

Lendlease owns and operates 72 villages around Australia with approximately 17,000 residents. It has 12 retirement living communities in Queensland, including two in Brisbane.

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