$550 million community to be developed

A site of 2.1 hectares in Queensland's Woolloongabba has been acquired, with plans to develop a $550 million masterplanned residential, retail and commercial village.

Development and construction companies, Pellicano and Perri Projects, acquired the land after having fuelled other development in the area, now to be brought to a total over $700 million.

This total includes a $43 million Eastwood Apartment development that has recently been completed, a $38 million Quest serviced apartment project under constriction and an $80 million 20-storey mixed-use development on Stanley Street. 

Joint managing director for Pellicano, Nando Pellicano, said that Wolloongabba is becoming one of Brisbane's most dynamic hubs.

"The decision to expand in Woolloongabba has been strategic," he said."We pinpointed a significant undersupply of new apartments in the area, which is one of the most affordable and fastest growing suburbs in inner Brisbane."

Perri Projects director David Scalzo said that the site is in a position earmarked for growth, with good fundamentals.

“We are seeing a trend towards people looking to shift outside of the city centre to become part of growing communities like this, located in close proximity to major employment and entertainment hubs like Mater and Princess Alexandra Hospitals, Southbank and The Gabba, without the noise and congestion of the CBD."