I need to create a an Ubuntu Lucid VM on a Ubuntu KVm host. I'd like this VM to have it's own IP address.

Now what I've done so far after install all the KVM libraries, etc. is set up a bridge interface, by editing /etc/network/interfaces like this:
auto lo
iface lo inet loopback
auto eth0
iface eth0 inet manual
auto br0
iface br0 inet static
address 79.134.111.111
netmask 255.255.255.248
gateway 79.134.111.110
bridge_ports eth0
bridge_stp on
I restarted the network system. When i listed out the bridges using brctl all the bridges showed up fine and I still has network connectivity.
Now I'm using the following command to install my VM: Is it correct?
sudo ubuntu-vm-builder kvm lucid \
--arch 'amd64' \
--mem '4096' \
--rootsize '307200' \
--swapsize '4096' \
--kernel-flavour 'server' \
--hostname 'development' \
--domain 'development.example.com' \
--mirror 'http://archive.ubuntu.com/ubuntu' \
--components 'main,universe' \
--addpkg 'openssh-server' \
--name 'John Doe' \
--user 'myuser' \
--pass 'mypass' \
--ip '79.134.111.112' \
--mask '255.255.255.248' \
--gw '79.134.111.110' \
--bridge 'br0' \
--libvirt qemu:///system
Do I still need to configure something else to get this VM to have it's own IP?