There’s something in the air in Brisbane

Market Insights
8 years ago
4 minutes

If you look closely, you’ll notice a knowing smile on the face of everyone you meet when they discover you’re visiting from Melbourne.

It took a few holidays up north to discover what this meant, but on the last trip, it all made sense.

The weather is warmer, the people are friendlier, the coffee is cheaper, and to top it off, there’s even a beach in the heart of the city.

The locals know they’ve got a pretty good deal in Australia’s third largest city.

They’re just sitting back, enjoying their perfect climate, waiting for the rest of the country to realise what they’re missing.

But don’t assume this laid-back confidence means the city is at a standstill.

Quite the opposite, developers are putting their money where their mouth is, keen to invest in the city’s bright future.

Take for instance the light-industrial suburb of Woolloongabba, just a three-minute walk for sport fans from the GABBA, and a seven-minute drive from the CBD. 

It’s a prime example of the gentrification sweeping through Brisbane.

Especially now the Brisbane City Council has given the green light to a game-changing new development in the up-and-coming suburb, called South City Square.

At 21,444 square metres, the joint venture between Pellicano and Perri Projects is the largest mixed-use development site in Brisbane, incorporating residential, retail, lifestyle and leisure.

“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,” says Perri Projects’ Managing Director, David Scalzo.

Pellicano’s Managing Director, Nando Pellicano, agrees.

“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,” he says.

“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 master plan and we look forward to bringing our vision to life over the coming years.”

And with a world-leading team at the helm, including Woods Bagot, DBI, Six Degrees, and Oculus, every facet of the construction is carefully considered.

The $600 million project will have seven architecturally designed buildings – six residential, and one five-star hotel – as well as 13,000 square metres of retail, an underground supermarket, cinema, space for a medical centre, health and wellness precinct, childcare centre, central marketplace, cafes and restaurants, and 1500 public and private car parks.

“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,” says Mr Scalzo.

As you would expect in a city with 283 days of sunshine each year, there is plenty of natural space.

The entire development is centred around a 5000 square metre city square, representing 25 per cent of the site.

While the plans show a further 20 per cent of the site will be dedicated to even more public landscaped areas and sub-tropical plants.

And with so many restaurants and cafes set to open up shop, al fresco dining will be front and centre, with a number of ground level laneways planned for retail and hospitality providers to take advantage of.

“ 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,” Mr Scalzo says.

And with so much on offer, it comes as little surprise buyers and investors are flocking to snap up the one, two or three bedroom apartments.

Stage one recently went on sale, and all 118 apartments have now been sold, with stage two launching earlier this month.

And despite so much in the works for Woolloongabba and South City Square, it’s a case of watch this space.

The developers will retain ownership and management of the retail and commercial spaces, positioning them as the largest investors across the site, and therefore a commitment to the precinct’s ongoing development.