Financial Review – October 2013
Private developer Pellicano will build a $ 550 million residential project in Brisbane in a joint venture with Perri Projects.
The developer announced plans for the 2.1-hectare site in Wooloongabba, about 4.5 kilometres from the central business district, on Wednesday. An 1000-apartment village will be constructed on the corner of Logan Road and Deshon Street in six or seven stages and will include retail space. The project will include mostly one and two-bedroom units and a few three-bedroom apartments.
It will take Pellicano’s activity in the area to more than $ 700 million.
Pellicano joint managing director Nando Pellicano said the group had targeted the area as there was an undersupply of units in Wooloongabba, which has been earmarked for growth and has a development plan in place.
The Brisbane site, bought after it was placed in receivership, was settled last week. Opposite the site, work on the group’s $ 43 million Eastwood project finished at the end of September.
Planning approval has also been given for an $ 80 million, 20-storey mixed-use development in Stanley Street.
A nearby $ 38 million serviced apartment project, in conjunction with Quest, is under construction.
“We clearly like Wooloongabba; it has good transport access and employment generation with the hospital close by, that’s why the investors like it,” Mr Pellicano said.