The $600 million South City Square urban-regeneration project at Woolloongabba in Brisbane has secured Woolworths as an anchor tenant, with the retailer signing a 15-year lease.
Woolworths Regional Property Manager Phillip Peel says the retailer has secured one of the key tenancies in the development, with the growing population indicating clear demand for a full-line supermarket.
South City Square’s retail offering has been designed over multiple levels, with Woolworths on the lower ground floor. This will be only the second time such a lower-ground model has been utilised in Brisbane, according to developers Pellicano and Perri Projects, who say it has allowed them to dedicate more open space on the ground plane to community amenity, encouraging use by the wider population and increasing the dwell time of future patrons.
The emerging suburb of Woolloongabba is 2km from the Brisbane CBD and easily accessible from the surrounding area.
Property research firm Urbis has forecast the Woolloongabba catchment’s population to grow to more than 33,000 residents by 2036. This represents a 50 per cent increase from the current population of about 22,000.