PRECINCT IN GOOD HANDS

The Courier-Mail - Home - - NEWS - CHAR­LOTTE DURUT

THE de­vel­op­ers of South City Square in Wool­loongabba have re­in­forced their com­mit­ment to the 2.1ha site, re­tain­ing own­er­ship and man­age­ment of the retail and com­mer­cial ar­eas un­der their res­i­den­tial man­age­ment arm, City Square Prop­erty Man­age­ment.

This will po­si­tion Pellicano and Perri Projects as the largest in­vestors across one of Bris­bane’s largest mixed-use de­vel­op­ment sites.

Pellicano Queens­land de­vel­op­ment man­ager Michael Kent said re­tain­ing own­er­ship and man­age­ment en­sured qual­ity would be main­tained through­out the precinct’s con­struc­tion.

“If the pro­ject was strata ti­tled, you wouldn’t have col­lec­tive man­age­ment of the precinct which would in turn ef­fect res­i­dents,” he said.

“De­vel­op­ing and man­ag­ing the precinct shows com­mit­ment for the full life of the pro­ject and this is a very big in­vest­ment for the de­vel­op­ers.”

The com­mit­ment comes as Bris­bane City Coun­cil ap­proved the mas­ter­plan for the $600 mil­lion precinct, on a site which was pur­chased two years ago.

In ad­di­tion to the mas­ter plan’s ap­proval, the first three stages have also re­ceived de­vel­op­ment ap­proval with 118 apart­ments in stage one now sold while the se­cond stage was launched ear­lier this month.

Mr Kent said while the site al­ready had an ex­ist­ing ap­proval, the new mas­ter­plan was com­pletely dif­fer­ent.

“It’s been a long process to ob­tain this new ap­proval with a lot of com­mu­nity con­sul­ta­tion,” he said.

“But we have a long-term affin­ity with Wool­loongabba with $800 mil­lion of in­vest­ment in this sub­urb alone. It has ex­cel­lent fun­da­men­tals and we’re a big be­liever in it.

“The dif­fi­cult part is find­ing land – you don’t get op­por­tu­ni­ties like South City Square very of­ten within a few kilo­me­tres of the city.”

Con­struc­tion is now un­der way on stage one of the precinct, with more than 2000 peo­ple ex­pected to call it home on its com­ple­tion in 2022.

The precinct will have six build­ings com­pris­ing more than 850 one, two and three­bed­room apart­ments and rooftop pools, sun­decks and din­ing ar­eas; a 5-star 144-room ho­tel; and 13,000sq m of retail space with an un­der­ground su­per­mar­ket and an eightscreen cinema.

MIXED-USE MAS­TER­PLAN: An artist’s im­pres­sion of Pellicano and Perri projects $600 mil­lion South City Square pro­ject at Wool­loongabba.

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