Newmarket Residential Development – Stage 2
MBM Project Lead
Client Name
CBUS Property
Sector
Residential
Timeline
2025
Project Value
$ 170m
Services Provided
MBM provided full-service Quantity Surveying support throughout all stages of the mixed-use residential project. Our services included cost planning, estimating, and value management during design, procurement advice and tender evaluation, and contract administration throughout construction. We managed progress claims, variations, cashflow forecasting, and final accounts, ensuring cost certainty. By delivering accurate, transparent, and practical advice across both residential and commercial elements, we supported informed decision-making and helped achieve the project’s successful outcomes.
Project Background and Scope
Newmarket Stage 2 in Randwick, completed in 2025, delivered a mix of residential and retail spaces as part of the broader Newmarket masterplan transforming the historic Inglis Newmarket Stables site. The stage included the seven-storey Young & Fennelly building with 116 apartments and 11 three-bedroom terraces, and the Jane Street Terraces, comprising 15 three- and four-bedroom terrace homes. Designed by Bates Smart and SJB Architects, the development combines contemporary living with heritage-sensitive design, offering residents parkland views and easy access to the Newmarket dining and retail precinct.
MBM has also been appointed to Stage 3, currently in planning. This future stage will continue the precinct’s expansion with additional residential dwellings and supporting retail space, further enhancing the Newmarket community.
Project Challenges
The project was undertaken with a challenging contract arrangement with a Tier 1 Contractor engaged under a managing contractor model. This structure placed greater responsibility on the client to manage and verify costs. This arrangement carried significant risks, including the potential for inflated claims and payments being approved without clear evidence of value delivered.
MBM Solutions
Under the leadership of Kelvin Perrie, MBM implemented strict quantity surveying oversight and established a framework for rigorous cost tracking, verification, and risk management. Every contractor claim was thoroughly assessed against verified progress and value, ensuring complete transparency and accountability. This approach safeguarded the client’s interests, prevented overpayment, and ensured that only value-adding works were approved for payment.