Pellicano

What Pellicano does

Pellicano is a privately held, family-owned Australian property group founded in 1967 in Melbourne, operating a vertically integrated four-pillar model spanning Construction (via wholly owned Pellicano Builders Pty Ltd), Development, Property Investment, and Asset Management. The group owns and manages a portfolio of more than 180 properties across five sectors — industrial, commercial office, retail/large format retail, residential Build-to-Rent, and hotels/hospitality — concentrated in Victoria and Queensland, with 360+ commercial tenants, approximately 680,000m² of industrial buildings, 101,000m² of retail space, 52,000m² of commercial office, and 590 hotel keys across ten hotels. Dedicated sub-brands include Pellicano Living (PL), a Build-to-Rent platform with 1,075+ apartments in operation, 334 under construction, and a 2,000+ apartment pipeline, plus Rambla, a short-stay apartment hotel brand in Melbourne and Brisbane with direct booking that undercuts third-party rates by 5–10%.

The company monetises across multiple revenue streams: one-off property development and sales, recurring rental income from owned investment-grade properties, fund management fees from two unlisted property trusts (PPT1, valued at A$140M with ISPT as 50% co-investor, and Pellicano Investments 3, valued at A$152M with Sunsuper as 50% co-investor), construction services delivered to both internal projects and external clients, and hospitality revenue through Quest franchise hotels and Rambla. Distribution is via direct enterprise sales teams in Mt Waverley (VIC) and Fortitude Valley (QLD), a broker network of major Australian agencies, franchise partnerships with Ascott/Quest, and direct-to-consumer digital channels for the PL and Rambla brands. Cumulative development value stands at A$4.8 billion across industrial, retail, residential, hotels, and commercial projects. Leadership is multi-generational family (Managing Directors Renato, Nando, and Antonio Pellicano, with Director Michael Pellicano and Non-Executive Director Assunta Pellicano), and the firm maintains no external private equity ownership.

Name

Pellicano

Legal name

Pellicano Pty Ltd

Website

https://pellicano.com.au

Company type

Private

Founded year

1967

Operating status

Operating

Headcount range

51–100 employees

Short description

Pellicano is a family-owned Australian property group (founded 1967) operating a vertically integrated construction, development, property investment, and asset management business across industrial, commercial, retail, Build-to-Rent, and hospitality sectors in Victoria and Queensland.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Lessors of Residential Buildings and Dwellings (531110), Lessors of Nonresidential Buildings (except Miniwarehouses) (53112), Lessors of Residential Buildings and Dwellings (53111)

SIC

Real Estate (6500), Lessors Of Real Property, Nec (6519), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industry

Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

Keywords

• Commercial property development
• Industrial property development
• Build-to-rent housing
• Construction services
• Property asset management

Headquarters

HQ city

Mount Waverley

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Property Development and Sales: Pellicano develops residential, commercial, industrial and retail properties for sale to owner-occupiers and investors. The company manages the full development process from conceptualisation through construction and delivery, with properties consistently in high demand.
2. Property Leasing: Pellicano owns and manages over 180 investment-grade properties, generating recurring rental income from 360+ commercial tenants across industrial, retail, commercial, and residential BTR sectors. The company also manages its own assets through an in-house asset management division.
3. Fund Management: Pellicano operates unlisted property trusts. PPT1 was valued at $140 million with ISPT holding 50% stake; Pellicano Investments 3 was valued at $152 million with Sunsuper holding 50% stake. The company earns management fees as fund operator.
4. Construction Services: Pellicano Builders Pty Ltd provides construction services across residential, commercial, industrial and retail sectors as a registered builder, serving both Pellicano's own developments and external clients.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Pellicano is a vertically integrated Australian property company that develops, constructs, leases, and asset-manages industrial, commercial, retail, residential Build-to-Rent, and hospitality properties. Operations span four pillars: Construction (Pellicano Builders Pty Ltd), Development, Property Investment (unlisted property trusts), and Asset Management across a 180+ property portfolio in Victoria and Queensland.

Product overview

Pellicano is a multidisciplinary property and construction enterprise offering integrated development, construction, property investment, and asset management services. The company operates several distinct sub-brands: Pellicano Living (PL) for Build-to-Rent residential; Rambla for short-stay apartment hotels; South/City/SQ as a masterplanned mixed-use precinct; and The Goods Shed for heritage hospitality redevelopments. The portfolio spans industrial business parks (M1/M2), retail centres (The Links, Moorabbin Supercentre, The Point), commercial office buildings, hotels under the Quest brand, and residential BTR developments. The company also manages unlisted property trusts for institutional investors. The integrated business model enables Pellicano to control design, construction, leasing, and ongoing property management across its 180+ property portfolio.

Differentiator

Problem solved

Functional benefit

Brands

• Pellicano Living (PL): Premium residential Build-to-Rent (BTR) brand managing medium to high-density apartments, offering members flexible living arrangements without everyday renting hassles.
• Rambla

Products and services

• Pellicano Living (PL) - Build-to-Rent Residential Premium residential Build-to-Rent (BTR) brand managing 1,075+ apartments across 13+ locations with 334 under construction and a 2,000+ pipeline, offering flexible rental living with communal amenities and concierge services to individual renters.
• Rambla Short-Stay Apartment Hotels
• Pellicano Builders - Construction Services Registered builder providing construction services across residential, commercial, industrial, and retail sectors, serving both Pellicano's own developments and external clients.
• Pellicano Funds Management - Unlisted Property Trusts Operates unlisted property trusts (PPT1, Pellicano Investments 3) providing institutional and private investors access to industrial property portfolios, with Pellicano earning management fees as fund operator.
• Property Leasing Services Long-term leasing of Pellicano's owned industrial, commercial, retail, and residential properties to enterprise and government tenants across Victoria and Queensland, generating recurring rental income.
• Property Development and Asset Management End-to-end property development from site acquisition through design, construction, leasing, and ongoing asset management of industrial, commercial, retail, residential, and mixed-use precincts.

Quantifiable outcome

• Over $4.8 billion of developments completed across all sectors
• +5 more outcomes

Named customers35 records

Segments6 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Quest Apartment Hotels / Ascott LimitedcoreChannel Partner/ Reseller/ DistributorLong-standing partnership with Quest Apartment Hotels (Ascott Limited) for apartment hotel developments. Properties include Quest Ballarat Station (77 keys, delivered 2020), Quest Preston (79 keys, delivered 2020), Quest Robina (80 keys, delivered 2020), and Quest Geelong Central (87 keys, delivered September 2023). This is the eighth joint development project. Quest operates as franchisee while Pellicano retains ownership and asset management. Five apartment hotel buildings are retained in Pellicano's portfolio.
• Perri Projects / Perri GroupcoreStrategic or Co-development PartnerJoint development partnership with Perri Projects for the Bennetts Lane mixed-use development in Melbourne's CBD. Bennetts Lane is a unique mixed-use tower comprising two levels of retail and F&B tenancies, co-working spaces, luxury residential suites, A-Grade office space, wellness centre and potential rooftop bar. Collaboration also for 17 Bennetts Lane commercial component. Development designed by fjc studio with Perri Real Estate handling sales/leasing.
• Atlantic GroupminorStrategic or Co-development PartnerHospitality partner managing The Events Hall at The Goods Shed Ballarat. Atlantic Group curates events including weddings, conferences, stage shows, Feb-Fever Festival, and markets across Lydiard Hall (up to 240 guests), Terminus Theatre (321-seat), and Carriage Rooms.
• WoolworthscoreChannel Partner/ Reseller/ DistributorMajor anchor tenant across multiple Pellicano retail developments including South/City/SQ Woolloongabba (full-line supermarket), The Links Oakleigh South, Jimboomba Central, and other retail precincts. Woolworths is a blue-chip, investment-grade tenant providing stable recurring income.
• Reading InternationalminorChannel Partner/ Reseller/ DistributorReading International opened the Angelika Film Centre at South/City/SQ Woolloongabba in 2023. This is Reading's first Angelika Film Centre outside the United States, featuring eight state-of-the-art cinemas including three luxurious Soho Lounge cinemas. Adds entertainment drawcard to the precinct.
• Zagame'sminorStrategic or Co-development PartnerJoint venture with Zagame's for Paradise Resort on the Gold Coast, a 357-room family resort purchased in 2010. Also collaborated on Jimboomba Central retail development transformation alongside Pellicano.
• Bunnings WarehousecoreChannel Partner/ Reseller/ DistributorAnchor tenant at The Links Oakleigh South, Moorabbin Supercentre, and Parkview Estate Moorabbin. Bunnings is a major national tenant across multiple Pellicano retail and large format retail developments.

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Lendlease: Lendlease is an Australian-headquartered global real estate group with the same vertically integrated structure as Pellicano: investment management, development, and construction. Comparable across funds management (Pellicano's PPT/PI3 trusts vs. Lendlease's funds), BTR (Lendlease's apartments), and large-format mixed-use precinct development (Pellicano's South/City/SQ vs. Lendlease's Barangaroo).
• Mirvac Group: Mirvac is an Australian diversified property group with a direct Build-to-Rent platform (Mirvac's BTR portfolio) overlapping Pellicano Living, and an industrial/logistics development business comparable to Pellicano's Dandenong and M1/M2 portfolios. Listed REIT structure contrasts with Pellicano's private family ownership, but the operating model is closely aligned.
• Grocon: Grocon is a privately held Australian construction and property development group with significant office, residential and mixed-use projects in Melbourne and Sydney. Closely comparable to Pellicano on private mid-sized integrated developer/builder with concentrated Victorian activity, large mixed-use precincts, and family-style operating culture.
• Cbus Property: Cbus Property is the direct property investment and development arm of Cbus Super, focused on large-scale mixed-use, commercial, and residential developments across Australia. Directly comparable on institutional-scale mixed-use development model and access to superannuation capital, similar to Pellicano's ISPT and Sunsuper partnerships.

Broad incumbents

• Stockland: Stockland is one of Australia's largest diversified property developers with residential communities, retirement living, and commercial assets. Overlaps with Pellicano on residential (BTR and masterplanned communities), retail town centres, and industrial/logistics. Larger scale and listed status make it a broad incumbent peer.
• Multiplex (Brookfield Multiplex): Multiplex is one of Australia's largest tier-one commercial and mixed-use constructors and developers, with deep Melbourne/CBD activity that overlaps Pellicano's Bennetts Lane and office sub-market exposure. Owned by Brookfield, so a much larger incumbent peer but shares core builder-developer vertical model.
• GPT Group: GPT Group is a major Australian diversified property trust with retail, office, logistics and partnering developments. Overlaps with Pellicano on industrial/logistics and retail town centre activity but focuses on owned investment rather than direct development; broad incumbent.
• Dexus: Dexus is one of Australia's largest fully integrated real estate groups with industrial logistics, office, and retail portfolios plus funds management. Comparable to Pellicano on the funds/asset management angle, industrial portfolio scale, and ASX-listed status. Differs as a non-developer property owner.

Regional players

• MAB Corporation: MAB Corporation is a private Melbourne-based developer active in residential, commercial and industrial developments in Victoria. Closely overlaps with Pellicano on Victorian geographic concentration, mid-sized private developer profile, and industrial/residential mixed activity, though smaller portfolio scale.
• ICD Property: ICD Property is a Melbourne-headquartered private developer with urban residential towers and mixed-use projects (including Quay to the City and Victoria Square). Comparable to Pellicano on privately-held mid-sized Melbourne developer profile and high-rise/mixed-use project activity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/pellicanogrp
• LinkedInlinkedin.com/company/pellicano-group
• Instagraminstagram.com/pellicanogroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pellicano