PRECINCT IN GOOD HANDS
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.