Retail property group Vicinity Centres (ASX: VCX) has been given the green light to transform the ageing Buranda Village in Brisbane CBD’s southern fringe into a $750 million mixed-use precinct.
The company has received Brisbane City Council approval to proceed with the development which was announced early last year to transform the site that first brought supermarket shopping to the city’s inner-suburb some 45 years ago.
The existing property is a single-level sub-regional centre of 11,645sqm anchored by Target and Woolworths (ASX: WOW) and supported by 20 speciality stores.
The centre, located just 5km from the Brisbane CBD, was developed in 1978 and relatively little capital investment has been made in the property since then.
Vicinity plans to create a retail and dining village with office space of up to 50,000sqm on the site, which will be complemented by than 620 apartments. Vicinity says the development will reactivate the property to cater to the new demographic profile of the suburb.
“Buranda Village is an exciting project that unlocks over 105,000 sqm of development opportunity and we’re excited to achieve this important milestone in bringing our vision to life," says Vicinity’s general manager of mixed-use development Truman Dare.
“Our vision is set to transform Buranda Village into an integrated retail and mixed-use precinct that complements the area’s changing demographic and forecast population growth and its prime location.”
Buranda Village is located across the road from the Princess Alexandra Hospital and within walking distance to the Gabba, the proposed main stadium for the 2032 Olympic Games in Brisbane.
The Vicinity development will comprise three buildings for office, commercial and health-related tenancies. The residential component will add four buildings to deliver a mix of one-, two- and three-bedroom apartments.
“A new lifestyle precinct will be framed by a 10,000 sqm open-air retail and dining precinct, inspired by Brisbane’s suburban village centres and sub-tropical climate,” says Dare.
“The development plans for Buranda Village are the result of over two years of careful planning and research to ensure the project best meets the needs of the community, today and in the future.”
Vicinity plans to start construction of the $750 million development in early 2024, with the project expected to create about 580 jobs during the construction phase and more than 3,200 jobs over the longer term.
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