$600M SOUTH CITY SQUARE PRECINCT RECEIVES MASTERPLAN APPROVAL, SIGNIFYING REGENERATION OF WOOLLOONGABBA
In what represents a significant milestone in the gentrification of Woolloongabba, developers Pellicano and Perri Projects have been granted Masterplan Approval for their 21,444sqm development site, South City Square.
With an end value totaling approximately $600m, the joint venture project represents one of the largest mixed-use development sites in Brisbane and encompasses a progressive vision that spans residential, retail, lifestyle and leisure amenity.
The approved masterplan includes seven architecturally designed buildings – six residential and one 5-star hotel – as well as 13,000sqm of retail including a full-line underground supermarket and an 8-screen boutique cinema, along with provisions for a medical centre, health and wellness precinct, childcare centre, central marketplace, cafés, restaurants and beautifully landscaped surrounds.
Designed by a world-leading team that includes Woods Bagot, DBI, Six Degrees and Oculus, South City Square has been planned around a 5000sqm publicly-accessible city square, representing approximately 25 percent of the entire site.
A further 20 percent of the site is dedicated to further public landscaped areas and sub-tropical plantings, creating a lush green environment where residents and members of the community can congregate in the spaces and enjoy the surrounds.
Drawing design inspiration from the suburb’s past as a light industrial area, each building within South City Square will contribute a unique architectural character, with public urban art set to feature throughout the key public spaces.
The site will also encourage al fresco dining as a natural extension of the nearby café and antique shopping strips, by delivering a series of ground level laneways where retail and hospitality providers can utilise outdoor seating and dining.
In addition to creating parking for residents, the masterplan will also cater for a significant number of underground public and private parks to service the residential buildings, supermarket and key retail offerings, with a total of approximately 1,500 car spaces set to be delivered.
Pivotal to the developers’ vision for the site is their commitment to retaining ownership and management of the retail and commercial spaces under their residential management arm, City Square Property Management. This will effectively position them as the largest investors across the site and therefore committed to the precinct’s ongoing development and establishment as a thriving retail and lifestyle offering.
Perri Projects’ Managing Director, David Scalzo said South City Square would reinforce Brisbane’s coming of age as a new world city and create more than a development but a new lifestyle destination.
“ Woolloongabba is currently undergoing a period of unprecedented gentrification so we see the development of South City Square as a key destination and lifestyle precinct that will service the suburb’s growing population.
“ Our vision for South City Square is one that encompasses world-class architecture, combined with incredible amenity offerings and a central city square that boasts some of Brisbane’s best restaurants, bars and retail offerings.
“ We are currently negotiating with a number of key retail tenants that align with our vision for the precinct, and we are committed to the early delivery of a number of key retail and lifestyle assets.
“ In addition to the site’s dedication to public amenity, each residential building will also boast a luxury rooftop amenity offering that’s set to include swimming pools, sun decks, outdoor dining facilities and more,” Scalzo said.
Pellicano’s Managing Director, Nando Pellicano said Brisbane City Council’s approval of the masterplan had reaffirmed the developers’ progressive vision for the site.
“ Currently planned to be a seven year project, we are excited to announce that construction across stage one is already underway with the project’s first residential offering currently slated for completion in April 2017.
“ One of the key points of difference in the development of South City Square is our ongoing interests and investment in the precinct long-term. Our retained ownership of the retail and commercial provisions means we are committed to the precinct’s ongoing success.
“ Pellicano will also be building the precinct meaning we can deliver the project to the exacting standards we envisage for the design.
“ We commend Brisbane City Council for their foresight in approving the site’s masterplan and we look forward to bringing our vision to life over the coming years,” Pellicano said.
Once complete, South City Square will include in excess of 850 apartments comprising one, two and three bedroom offerings, representing the diverse demographics and varying lifestyle needs of the local residents, along with a 144-room hotel.
In addition to the masterplan’s approval, stages one, two and three have also received development approval with 118 apartments across stage one going to market last year - recently reaching 100 percent sold - and stage two launching to the market earlier this month.
South City Square is located on the corner of Logan Road and Deshon Street, positioned less than a three minute walk from the Gabba and a seven minute drive from the CBD.
Surrounded by an abundance of established transport links, South City Square is set to become home for over 2000 residents once completed in approximately 2022.