SOUTH CITY SQUARE ACHIEVES $190M WORTH OF SALES
Reinforcing the sustained demand for quality, design-led apartments in Brisbane’s inner ring, joint venture partners Pellicano and Perri Projects have announced $190m in sales across the first three buildings at the $600m masterplanned Woolloongabba precinct, South City Square.
Additionally, construction across the 21,444sqm mixed-use precinct’s first two sold out towers is currently underway, while basement excavation of the third building is slated to commence in the coming months.
The project’s sales success and ahead-of-schedule construction timeline has come at a time when many are questioning the stability of the Brisbane market, however Pellicano Managing Director, Nando Pellicano stated that South City Square’s continued strong sales rates and ongoing construction progress had not been affected by any perceived oversupply or stagnating demand.
“We’ve just sold our 370th apartment from a total of 398 apartments across the first three residential buildings, including 80% of apartments in the latest third release, the Mews just weeks after public launch,” Mr Pellicano said.
“We’re also 12 months ahead of the original construction program schedule. This success indicates a stable market in which buyers are showing a preference for well-planned, amenity-rich developments of a high architectural standard”.
Set to deliver one of the largest mixed-use sites in Brisbane, the development of South City Square encompasses a progressive plan which spans residential, retail, lifestyle and leisure amenity.
Nando Pellicano also said the firm’s innovative end-to end model of delivery, which spans overall construction, retained ownership and management of the retail and commercial spaces, along with their in-house residential management capabilities, had contributed to the strong sales success of the project in the current market.
“Pellicano and Perri Projects have shown an ongoing commitment and significant investment into the long-term success of the retail tenancies via our retained ownership model, which has in turn instilled continued market confidence in our investors and retail tenants,” Mr Pellicano said.
“Our long-term vision and position as the project’s largest shareholder on completion reinforces our interest in the overall success of the precinct; which is a huge assurance to purchasers.
“Pellicano has witnessed a similar success story with our nearby Trafalgar Lane development, where all residential offerings completely sold out and 100% of commercial space was leased prior to completion.
“Further to this almost two-thirds of apartments at our Trafalgar Lane development were leased upon settlement, reiterating a high rental demand in the suburb.
“This only speaks to the demand for high-quality developments in Woolloongabba, which is set to become a key destination south of the river,” Mr Pellicano said.
Perri Projects’ Managing Director, David Scalzo said the sales success of South City Square reinforces the firm’s desire to consider the types of developments residents will gravitate towards in the future.
“This sales result only reinforces our commitment to planning, designing and delivering innovative product which capitalises on opportunities for our investors,” Mr Scalzo said.
“Woolloongabba has undergone a period of intense gentrification in recent years and South City Square is set to become a key part of this process, delivering a truly liveable, productive and sustainable community which has been designed with the future in mind.”
When complete, the precinct will feature seven architecturally designed buildings – six residential towers and one 5-star hotel. Each building in the series of distinctive residential towers will boast contemporary apartments, abundant rooftop amenity and stunning views over the Sunshine State’s capital city.
The masterplan for the site also includes provisions for more than 13,000sqm of retail including a full-line supermarket, 8-screen boutique cinema, a medical centre, health and wellness precinct, childcare centre, central marketplace, cafés, restaurants, underground parking and beautifully landscaped surrounds.
The visionary precinct, set around a 5000sqm publicly-accessible square, is the product of collaboration between a world-renowned design team; DBI Design, Woods Bagot, Six Degrees Architects and Oculus.
Combining public open spaces abundant in lush, shady greenery, alfresco dining and café seating, and unique urban art pieces, South City Square is set to become a destination in its own right.
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 basement car spaces set to be delivered.
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.