Australian Financial Review
15 August 2016
Melbourne-based Pellicano and joint venture partner Perri Projects have sold another $60 million worth of apartments in their third stage of the $600 million South City Square masterplanned development in Woolloongabba, Brisbane.
The project, one of the largest in Brisbane and close to the Gabba sports stadium, has now seen $190 million in sales covering 370 apartments.
Construction across the 21,444sqm mixed-use precinct’s first two sold-out towers is under way, while basement excavation of the third building where 80 per cent of apartments have been sold is slated to commence in the coming months, 12 months ahead of the original construction schedule.
Joint managing director Nando Pellicano said about 20 per cent of buyers had required Foreign Investment Review Board approval and he was keeping a steady eye on who the buyers were and their financial arrangements even though settlements of the sale won’t be for another year.
“We are constantly talking with all our buyers and where they come from. We are very confident.”
About 70 per cent of the buyers have been investors but Mr Pellicano expects more owner-occupiers to buy in once the precinct is established.
When complete, the precinct will feature seven buildings made up of six residential towers and one five-star hotel.