Coronavirus holds up construction of $850M Yeerongpilly Green
Coronavirus restrictions have been blamed for the holdup on an $850 million South Brisbane project.
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CORONAVIRUS restrictions have been blamed for the delay of an $850 million Brisbane project.
Developer Consolidated Properties was set to begin construction on Yeerongpilly Green, a 14 hectare masterplanned community in Yeerongpilly, south of Brisbane CBD, this year.
CEO Don O’Rorke said development had been deferred as pre-committed tenants in the project’s proposed retail centre were affected by coronavirus restrictions.
“The priority for these tenants was to manage their businesses through the event, rather than undertaking detailed negotiations on future tenancies,” Mr O’Rorke said.
He said off-the-plan apartment sales had also slowed as buyers were not able to make plans to visit and discuss buying options.
The ambitious project, first approved in 2015, has been touted to provide more than 6600 construction jobs over its 10-year lifetime.
Plans for 1200 homes, a retail and dining precinct, 28,000sqm for office space and a 1.8ha green space have been detailed in the masterplan.
With the on-site office now open, Mr O’Rorke said the leasing endeavour would continue over the coming months.
“Following a successful leasing campaign, construction will be in a position to commence,” Mr O’Rorke said.
“From a retail perspective, we are already experiencing green shoots with a return to specialty leasing inquiries and negotiations.”
It’s not the first time the project has been delayed, with flood mitigation and soil decontamination works adding another six months to the project’s time frame in 2018.