A vision for Woolloongabba: on tour at South City Square

Last week our Sydney teams and CEO flew to Brisbane to tour ‘The Mews’ – a recently completed apartment building by developer Pellicano as part of the South City Square master-planned precinct in Woolloongabba.

Ironfish CEO Joseph Chou touring the rooftop of Pellicano’s ‘The Mews’ in South City Square

South City Square has been planned and designed as a mixed-used development centred around a large green square. Around the green square will be a commercial tower, a luxury Hyatt Place hotel and a series of modern architecturally designed apartment buildings.

At ground level of the apartment buildings is a variety of retail, with a few trendy cafes and restaurants, and the obligatory hipster barber shop already up and running for business. Opening next month is a Club Vitality gym and Salt Meats Cheese.

Further essential retail includes a gourmet deli/grocer ‘The Market Hall’, which opens next year and in 2021, Woolworths, BWS and Priceline pharmacy will open their doors, along with a Reading Cinemas.

In short, the entire area has been carefully created to provide residents with everything they would need and expect for an enviable urban lifestyle. With its many attractions, the precinct is also expected to attract many more Brisbane locals to become a lively go-to destination both day and night.

“We’re not trying to compete with a standalone residential tower. What we’re creating is a true mixed-use precinct” – Michael Kent, Pellicano Development Operations Manager.

So far, three of the residential buildings have been completed: South City 1, New Deshon and The Mews, which Pellicano kindly toured us through last Tuesday.

It’s all in the details

After fuelling up with an excellent coffee downstairs at ‘Tuckshop’, the team headed first through New Deshon, and then on to The Mews. Both are beautiful, but it’s also clear to see the team at Pellicano haven’t been resting on their laurels, always enhancing with each new project.

The Mews foyer makes an immediate impact – a glamorous and elegant affair – think white brick floor tiles – that continue into the lift and velvet sofa.

The apartments themselves have clearly been designed for life; the kitchens not only look premium with their thick, black caesarstone benchtops – they’re also incredibly functional, with plenty of storage and ‘eat-in’ design.

What we particularly loved though is the intercom / communications panel, which not only provides the usual functionality, it also sends alerts to residents if a parcel is ready for pick up or other notifications. It’s little details and extra services like these that can really make a difference.

Rooftop oasis

The rooftop again blends luxury and elegance with truly functional spaces.

There are plenty of nooks around The Mews rooftop – including around the stunning rooftop pool – where residents can curl up with a book, coffee or meet friends.

Spaces can be reserved through building management for private parties as well.

50-year-old brand

Pellicano is a developer we’re proud to work with. They’re a privately-owned company that’s over 50 years old, with an ongoing legacy of delivering quality, mixed-use and master planned communities.

They’ve also won nine international property awards, which speaks to their quality and innovation in design and development including:

• Winner of Asia Pacific Property Awards, Best Mixed-Use Project Australia 2019
• Winner of Asia Pacific Property Awards, Best Residential Property Australia 2019
• Winner of Asia Pacific Property Awards, Best Mixed-use Development Australia 2018 – 2019
• Winner of Asia Pacific Property Awards, Architecture Multiple Residence Australia 2018- 2019
• Winner of Asia Pacific Property Awards, Residential High-Rise Architecture Australia 2018- 2019
• Winner of Asia Pacific Property Awards, Residential Property Australia 2018- 2019
• Best Mixed Use Development Australia 2018 (5 star winner)
• Best of the Best Award for Best Overseas Residential Project Australia 2017
• Asia Pacific Best Mixed Use Development Australia 2017

“Another aspect, which shouldn’t be overlooked is that Pellicano is not only the developer of South City Square, they’re also the builders and the property managers.

“This gives us great confidence in their product, given they have been developing in Australia for 50 years, and are retaining an interest in the development by holding onto the property management business. Pellicano have a vested interest in ensuring the ongoing success of the South City Square precinct, and are incredibly motivated to ensure their product meets the highest quality standards possible,” said Ironfish Head of Property, William Mitchell.

Analysis – Woolloongabba rentals

Pellicano Living property managers report strong rental price growth within the Woolloongabba Catchment in recent years.

And despite the fact that the full South City Square vision is still a few more years away from completion, Pellicano Living has managed to achieve rental growth within the development.

Rental Case Study: Apartment 802, 1 South City

2017 September: Tenant secured within a week of settlement on a 12-month lease.

Rent per week: $380

2018 September: New tenant secured on 6-month lease

Rent per week: $390

2019 February: New tenant secured on 12-month lease

Rent per week: $410

“We think this is a pretty remarkable result considering several parts of the South City Square precinct are yet to be delivered, and much of the retail is yet to come,” said Mr Mitchell.

“Once the Green Square is finished, the gourmet deli moves in next year, Woolworths and the cinemas the year after we expect rents to strengthen further as demand for the precinct grows.”

All properties we recommend to our customers are subject to a rigorous selection and due diligence process by our Property & Research teams. If you’d like to access more of our great properties, like The Mews and New Deshon, please register for our selected properties list.

You can also find more info on the Brisbane market via our latest quarterly market report.