WATPAC LOCKS IN $95M NEWSTEAD PROJECT

WATPAC LOCKS IN $95M NEWSTEAD PROJECT

WATPAC Limited (ASX:WTP) has inked a $95 million contract with JGL Properties to construct the first two stages of the Newstead Series residential project.

The $195 million project comprises of 300 apartments and townhouses across four towers, named after wool presses The Carlyle, The Donaldson, The Ajax and The Koerstz.

Newstead Series will also feature half an acre of subtropical gardens, lap pool, alfresco dining areas, outdoor cinema and gym.

Watpac managing director Martin Monro says the group's background in delivering residential complexes helped secure the deal.

"The Newstead Series will bring about a new level of luxury living for this bustling inner city precinct and we are proud to be working with JGL Properties to deliver what will be a stand-out residential development for the Brisbane market," Monro says.

"Our team is renowned for delivering award-winning residential projects such as the Central Park precinct in Sydney and One Macquarie in Brisbane which have all contributed to the look and feel of a community and the Newstead Series will certainly do this."

JGL Properties owner John Livingstone says the project's proximity to the Brisbane River and the entertainment precinct in Newstead makes it a highly sought after location.

"The Newstead Series is setting the benchmark for high quality boutique urban living in the exclusive Newstead House riverside precinct surrounded by some of Brisbane's most expensive apartments," Livingstone says.

"From the outset the brief to our architect bureau^proberts has been to design a superior size and style of apartment and townhome that gives back to the residential community through exemplar architecture and generous provision of outdoor amenities and landscaping distinguishing it from other projects."

The project will commence later this year and is expected to be completed in 2017.

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