Vicinity Retail Group have achieved development approval for the major redevelopment of their inner-Brisbane corridor shopping centre site at Buranda Village. The approval will unlock a huge $750 million mixed-use precinct, close to the 2032 Olympic Games corridor in a key growth corridor for Brisbane.
The Buranda Village shopping centre sits in a major medical corridor for Brisbane, located directly across the road from the Princess Alexandra Hospital and a short distance from the huge Mater Hospital precinct. The existing sub-regional shopping centre encompasses an area of 11,645sqm, and has current tenancies of major retailers such as Target, Woolworths, and various well known specialty stores.
Vicinity will produce a large multi-use community hub on the site, including residential apartments, retail shopping and dining, along with office towers to underpin the sites commercial viability. 620 apartments have been approved on the site, of which the retail giant will look to develop in the hot built-to-rent model which is taking off in Brisbane.
Vicinity’s general manager of mixed-use developments Truman Dare shared his vision for the redevelopment, stating the importance of reaching an agreement with the Brisbane City Council.
“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”.
“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.”
“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.”
The group plans to begin construction on the site in early 2024, with the project set to create an abundance of new jobs for the region in both the short and long term. The Buranda, Woolloongabba, Stones Corner and Annerley areas on the Southside of Brisbane will receive a huge uptick in amenity with this news, with the local and interstate investors to keep a keen eye on progress for this urban renewal project.
The Buranda Village Development Approval is just one of the major projects expected to completely transform the Southside region of Brisbane. The Silk Lane project and 2032 Brisbane Olympics precincts will continue the revitalisation of the areas.
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