Newstead's Riverfront Transformation: A $2.5 Billion Story Unfolding on Skyring Terrace
Living and working in Newstead, I've had a front-row seat to one of Brisbane's most significant urban transformations. Within a few hundred metres of my home, two of Australia's most respected developers — Mirvac and Kokoda Property — are reshaping the riverfront with projects totalling more than $2.5 billion. As a commercial photographer who documents construction and development across Brisbane, it's a remarkable thing to witness this scale of change in my own backyard.
Mirvac's Waterfront Newstead — 25 Years in the Making
Mirvac has been the driving force behind Newstead's evolution since 2001, when the company first acquired former industrial land along the Brisbane River. Their $1 billion Waterfront Newstead masterplan has delivered a succession of landmark residential buildings — Pier in 2011, followed by Park and Unison — each setting new benchmarks for riverside living in Brisbane.
The latest chapter in this story is the Sky Precinct at 60 Skyring Terrace: a cluster of residential towers that includes the recently completed Quay, the near-finished Isle, and the government-partnered build-to-rent development LIV Anura.
Quay opened in late 2025, bringing 135 premium apartments and more than 2,000 square metres of new public parkland to the precinct. I photographed this building as it neared completion — capturing the interplay of architecture, landscaping and river views that define the Mirvac approach.
Isle, currently under construction next door, is on track for completion later this year. Designed as a "resort in the sky," the 25-level tower will deliver 133 apartments alongside 10,000-plus plants, rooftop infinity pools, and a wellness centre. More than 50 per cent of the combined Isle and Quay site will be handed over to Brisbane City Council as public open space.
Looking ahead, Mirvac has lodged a Development Application for Sky Precinct Stage 3 — a 27-level tower on the corner of Cunningham Street and Skyring Terrace that will add another 138 apartments and complete the precinct with over 8,500 square metres of subtropical parkland.
Across all of their Newstead projects, Mirvac has invested more than $65 million in public infrastructure — roads, cycleways, parkland and community facilities. It's a model of how private development can deliver genuine public benefit.
Kokoda Property's Teneriffe Banks — A New Benchmark
Just a short walk along Skyring Terrace, a different kind of transformation is underway. Sydney-based developer Kokoda Property settled its 17,612 square metre riverfront site in July 2025 and commenced construction in December — the company's first Queensland project.
Teneriffe Banks is being developed on the site of a former World War II submarine base at 17–27 Skyring Terrace. When complete, it will comprise 212 luxury residences across four architecturally distinct buildings — The Interloom, The Ferry Building, The Store Houses and The Skyform — along with Brisbane's first Kimpton Hotel.
The numbers are staggering. Kokoda paid approximately $100 million for the site and is delivering a $1.5 billion mixed-use precinct. On launch day the project achieved $285 million in sales — the strongest single day of apartment sales in Queensland history.
Prices start from $1.9 million, placing Teneriffe Banks firmly at the top end of the Brisbane market. Designed by Cottee Parker Architects and Carr, the development draws on the industrial heritage of the Teneriffe woolstores while delivering a contemporary resort-style experience. Amenities will include private dining rooms, mineral baths, infinity pools, a private members' club called The Canopy Club, and a dedicated health and fitness facility, Banks Athletic.
Delivery is expected in stages from 2028.
What This Means for Newstead and Teneriffe
The Teneriffe–Newstead corridor is forecast to grow from around 41,000 residents in 2021 to more than 68,500 by 2046 — requiring over 14,000 new dwellings. Mirvac and Kokoda are leading the way in meeting that demand, but they're doing more than simply adding apartments.
Both developers have committed to significant public realm investment — parkland, laneways, retail and hospitality spaces that will serve the broader community. Mirvac's Waterfront Park has become a genuine gathering place for locals, and Kokoda's plans for laneways, public art and riverfront activation promise to extend that vitality further along the river.
For those of us who live and work here, the transformation is both exciting and relentless. Cranes have become part of the skyline. Site inductions, hoarding and construction traffic are the daily reality. But what's emerging is a connected, walkable, river-focused precinct that will serve Brisbane for generations.
Documenting the Change
As a commercial photographer based in Newstead, I've had the privilege of photographing several of these projects — capturing the architecture, the construction process, and the people who bring these developments to life.
If you're a developer, builder or architect working in Brisbane and you need photography or video that tells the story of your project, I'd welcome the opportunity to discuss how I can help.
Steve Lock is a Brisbane-based commercial photographer specialising in construction, architectural and corporate photography. He is based in Newstead and works with clients across Queensland and Australia.
Contact: steve@stevelockphoto.com | 0418 618 325 | stevelockphoto.com