The propeller, to honour the contribution Redland servicemen made to the RAAF over the years, has been mounted on a concrete plinth adjacent to a field gun and marine anchor, recognising the Australian Army and Navy.

The memorial will make a stunning statement outside the Redland RSL Library and Museum on the corner of Passage and Middle streets.

The propeller has been two years in the planning for the Redlands Branch of the Royal Australian Air Force Association.

Association spokesman David Field said that with funding from the Department of Veterans Affairs, the hunt began for a suitable propeller.

"Our search ended in Townsville where a propeller was located among parts that became available for sale following the decommissioning of the Caribou fleet by the RAAF two years ago," he said.

Among the guests will be an ex-flight engineer from Caribou Operations, John McDougall, who has notched up more than 5000 flying hours on these aircraft, while Principal Army Chaplain (ret) John Butler will dedicate the memorial.

The RAAF acquired 24 Caribou aircraft from de Havilland Canada in the early 1960s as workhorse of the Australian military.

Dubbed the "Green Gravel Truck" and "Wallaby Airlines" by 35 Squadron that operated out of Butterworth in Malaysia and Vung Tau in Vietnam, and by 38 Squadron based at Townsville, the Caribous saw active duty throughout the Vietnam War, East Timor and the Solomon Islands.