This article is from the Australian Property Journal archive
DEVELOPER Pellicano has commenced work on a build-to-rent tower within a $700 million mixed-use Woolloongabba project after the Palaszczuk government decided to scrap its controversial land tax.
Pellicano had put a temporary hold on its sunshine state projects while it awaited more information on the tax and its implications, before it was dumped at the end of September. The tax would have applied to interstate landlords with investment property in Queensland, and required the other states to share personal data of individuals with the government.
Now, works have begun on the $85 million Hillyard House tower, designed by architect DBI Design and interior designer Clo Studios, and which will comprise 150 apartments over 15 levels, with 254 sqm of ground floor retail and 187 sqm of all-day dining, as well as a rooftop pool, yoga lawn and lounge, and a green space.
The project was named after Hillyard’s Shop House, a heritage-listed general store built in 1865 and remodelled in the 1920s.
It is part of the South City Square precinct, being developed in partnership with Perri Projects. It now comprises 570 apartments across four complete residential towers and 15,000 sqm of retail that includes Woolworths, Angelika Film Centre by Reading Cinema and Priceline, local dining venues, market hall, and resident amenities. Hospitality tenants Sasso Italiano, Casa Chow, and Ha’Ne Sushi have recently opened their doors at the precinct.
“We had been watching the Queensland government for some time – we haven’t known what the full implications of the new tax would be, so we had put a temporary hold on proceeding with new projects,” said Pellicano’s managing director, Nando Pellicano.
“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 currently under construction for Pellicano, adding to the nearly 500 residences underway, including Berwick House in Fortitude Valley, Perry House in Bowen Hills, Solarino House in Melbourne’s Brunswick, and Pivot House in Geelong.
