Plans for a new mixed-use urban hub for Brisbane’s Woolloongabba is expected to exceed $550 million.
Construction companies Pellicano and Perri Projects will develop South City Square, which is expected to be completed over the next five to seven years. They plan to develop approximately 1000 apartments across seven towers, and retail at ground level across an integrated masterplanned development.
Pellicano Group Joint Managing Director Nando Pellicano says Brisbane City Council has given the first tower the green light, with development approval being granted for 118 apartments over 14 storeys.
"Site works have commenced, with the first tower known as One South City expected to start construction in early 2015," he said.
"Tower One comprises a mix of designer one, two and three bedroom apartments with high-end finishes and a roof top recreation deck with a pool, spa, residents' lounge, barbeque and dining areas, sun lawn and teppanyaki bar."
The iconic tower, located on the corner of Logan Road and Deshon Street, has been designed by world renowned architects DBI Design.
"DBI has designed the tower with orientation, natural light and views in mind. For this reason, the precinct is centred around a square which is approximately half a hectare in size. This will be a significant urban recreation space with retail activation for residents and the general public.”
Perri Projects Director David Scalzo says the collaboration with Pellicano on such a significant site, which is located in a prime position, provides a fabulous opportunity for both companies to strengthen their presence in South East Queensland and establish themselves in the emerging Woolloongabba area.
"Pellicano is well established with Trafalgar Lane - located directly across the road from the Gabba sporting stadium - currently under construction, and Eastwood Apartments and Quest Woolloongabba both complete," he said.
"They provide invaluable experience and insight through their experience in the area, which we will help build on with this new venture.
"We share an ambitious vision to contribute to the area's growth by delivering a project of this magnitude, at the heart of Woolloongabba, which is fast becoming one of the most dynamic and desirable inner urban locations the city has to offer.
"One South City is the first phase of this exciting new development which is set to become Brisbane's next urban centre."
Perri Projects has a significant pipeline in residential or mixed-use projects planned in various stages of development, including boutique apartment development Mode South Yarra, and the masterplanned Mr Atkinson precinct within the Shire of Melton.
Woolloongabba - which was voted in the top three investment suburbs for 2014 in Your Investment Property's annual suburb guide - is fast becoming one of Brisbane's vital living and transport hubs, with $20 billion in infrastructure and urban renewal funding committed to the area.
The central location, just two kilometres from the CBD, puts Woolloongabba within convenient reach of all of Brisbane’s major university campuses, major employment hubs including the Princess Alexandra and Mater hospitals, with easy access to transport.