Silverstone Developments $70m mixed-use project to reinvigorate Racecourse Rd in Ascot

A developer has revealed plans for a $70m-plus luxury mixed-use complex on a once-bustling shopping strip in one of Brisbane’s ritziest suburbs.

A former Woolworths supermarket on a high street in Brisbane’s blue chip eastern suburbs will be knocked down for the construction of a $70m plus luxury four-storey mixed-use development.

Silverstone Developments paid $9.75m for the 3126sq m site at 77 Racecourse Rd, Ascot, on the corner of Kent St, following an expression of interest campaign by Ray White Commercial’s John Highman.

Developed in the late 1960s, the building was occupied by Woolworths until they relocated to Racecourse Village on Nudgee Rd. More recently IGA and BWS occupied the site.

An artist's impression of Silverstone Development's project at 77 Racecourse Rd, Ascot.

Silverstone managing director Troy Daffy said they were looking forward to developing a unique, high-end product to invigorate Ascot and Racecourse Rd.

The property will have two levels of basement carparking, ground floor high-end retail, a rear medical and allied health area and three levels of office space.

“We thought with all the guys who live in Clayfield, Hamilton and Ascot who have offices in the city, a really high-end development in Racecourse Rd would draw a lot of them away from the CBD and closer to home,” he said.

An artist's impression of Silverstone Development's project at 77 Racecourse Rd, Ascot.

“We believe the opportunity is there to satisfy demand for a luxury retail experience outside of the city, as well as provide complementary bespoke office and healthcare accommodation.”

A key driver of the PDT Architects scheme was to create a visually striking articulated facade while maintaining thoughtful integration with the existing Racecourse Rd streetscape.

Sustainability will also be a core tenet of the building, with an abundance of planting, green infrastructure, low-emission materials, and natural light.

The broader area is set to benefit from significant growth in the near term, with the Olympic Village in Hamilton and the master planned Eagle Farm Racecourse community book ending an already thriving larea.

The plans will be submitted in July and Silverstone hope to get the all-clear to start construction before Christmas.