Following the sales success of Woolloongabba’s South City Square’s New Deshon building the developers have fast-tracked the launch of the next stage in the $600 million precinct.
Ninety percent of New Deshon’s apartments have been sold after only six weeks on the market.
The second in a series of distinctive buildings within the new residential, retail and lifestyle destination, ‘South City Square’, the news of New Deshon’s success follows the record sell out of the initial stage of the project ‘One South City’, late last year.
Due to the sustained demand for the precinct since it was launched in 2014 from a mix of local owner occupiers and astute investors, developers Perri Projects and Pellicano have announced they will now fast-track the release of the third stage, titled The Mews, to May this year.
Developers have attributed the sales success to the unique positioning of the project as a true mixed-use lifestyle development so close to the CBD, and the commitment from the developers to see their vision to life.
“Our vision for South City Square is to create a place to live, work and play – it will be a major hub for activity combining visionary urban design and a perfect location. The successful and incredibly fast sales of the offerings in New Deshon is testament to the acceptance of this vision in the marketplace,” said Pellicano’s Queensland Development Manager, Michael Kent.
“We have a strong history of delivering unique spaces that cater for the needs of our buyers, and we believe the sell-out of South City Square’s first two stages reinforce our commitment to both Woolloongabba and this project.
“One of the key points of difference – and one that really resonates with buyers – is the fact that as developers we will be committed to the precinct long-term, as we will be retaining the ownership rights to much of the retail precinct.
“I think this provides a sense assurance to our buyers that we are on the journey with them and we are both invested in the future of the project,” he said.
No stranger to the location, Pellicano has previously developed a further 350 apartments within the Woolloongabba locale and will be building as well as jointly developing the South City Square precinct, reinforcing the company’s commitment both to the area and the project itself.
Michael Kent said the project had attracted a diverse mix of purchasers since its initial launch last year.
“In response to the incredible demand for these luxury apartments, we are now looking to fast track the third stage of the precinct and will seek to launch The Mews to the market sometime in the next month,” he said.
“Woolloongabba is one of the fastest-growing suburbs in Brisbane, so it’s certainly no surprise that we’ve seen such a diverse demographic mix throughout the first two stages, with everyone from first home buyers and professional couples through to larger families and local investors keen to capitalise on what is the area’s largest regeneration precinct.”