The Queensland government’s decision to drop its controversial interstate property tax has prompted Pellicano to begin a $85-million build-to-rent project, according to the developer.
Work is now under way on Hillyard House, the next stage of Pellicano’s $700-million South/City/SQ precinct, Woolloongabba, in partnership with Perri Projects.
The precinct now comprises 570 apartments across four complete residential towers and 15,000sq m of retail.
Hillyard House comprises 150 apartments across 15 levels and was designed by DBI Design and interior designer Clo Studios.
The tower “is characterised by its distinctive curved facade, Palm Springs-inspired aesthetic of warm pastel colours and the Oculus and RPS-designed Secret Garden—which adds another open public space to the area alongside The Square, while also acting as a pedestrian link between Sword Street and the precinct’s main area”, according to Pellicano.
The tower boasts a heated magnesium pool with swim-up island lounge, cabana lounges, panoramic city views and a wellness zone with a sauna, steam room and massage treatment rooms from its roof.
The scrapping of the proposed tax, which targeted interstate investors, gave Pellicano the confidence to re-commence works across its portfolio, the developer said.
“We had been watching the Queensland government for some time—we didn’t know what the full implications of the new tax would be, so we had put a temporary hold on proceeding with new projects,” managing director Nando Pellicano said.
“With the decision now made we are much more confident to proceed with Hillyard House—build-to- rent will continue to be a big part of our upcoming projects in Queensland, and so we are looking forward to bringing the product to market.”
Hillyard House is the fifth build-to-rent project under construction for Pellicano, adding to the nearly 500 residences under way, including the 77-residence Perry House in Bowen Hills, the 70-residence Solarino House in Brunswick, the 63-residence Pivot House in Geelong and the 110-residence Berwick House in Fortitude Valley.
Woolloongabba, identified as the epicentre of Brisbane’s 2032 Olympic Games, has seen an upsurge in interest with a slew of projects under way or in the pipeline, including Aria wining approval for its 21-storey apartment tower at 58-60 Leopard Street as well as reaching practical completion on its cliffside apartment tower, Riviere, on the same stretch of road.
And local developer Sarazin has changed up its plans for its Silk Lane development, increasing the heights of the two-tower development from 20 to 25 storeys and 20 to 32 storeys to include an additional 34 apartments.
Article source: www.theurbandeveloper.com
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