Third-generation property developer Ross Pelligra has a bit of the Midas touch about him.
But it’s not a matter of luck, it’s hard work and a deep understanding of the property landscape.
Pelligra spoke with The Urban Developer’s managing editor Taryn Paris as part of our Pipeline podcast series.
He describes himself as a landlord, and has hotels, office blocks and car yards in his sector-agnostic.
But everything Pelligra acquires has passive income and development upside, and the he is also inking joint-venture deals across the country with Mariner’s Cove on the Gold Coast and $400-million plans for Adelaide’s first skyscraper.
He’s the developer other developers look to as an early mover.
Pelligra has also bought up a number of sporting clubs across Australia—and the famous Sicilian football team Catania FC.
He says it’s a fusion of property and passion, and says he is looking to improve stadiums, sporting teams and unlock value in the ageing assets.
Listen now to The Urban Developer’s new podcast series, The Deal and Pipeline.
While 2023 has been a year of challenges, Pelligra is optimistic about the future of property. He says Covid “put a handbrake on construction” and adaptability is key in the current market.
“When we buy a site, regardless of whether we’ve got a tenant or not, we straight away stick it into construction mode so we can start working out how to build it,” Pelligra says.
“We had a backlog of projects we were to get through and then Covid hit and that added to the pile. So really everyone is still chasing their tails with two to three years of backlog in front of us.
“We’re just trying to keep up. We don’t have enough manpower to really deliver what the world wants. It’s really a world shortage (of labour) it’s not just Australia.
“We’re adjusting to what we can get product and trades to do the work. So we’re adjusting the projects to suit the products and materials we can get.”
Pelligra talks to the markets and sectors he is bullish about in 2024 and provides some sage advice for those hanging tough in the development sector.
Tune in.
