Multiple commercial properties on the western end of Caloundra’s Bulcock Street have hit the market.
Spread across ten separate titles, the properties are located at 130-140 Bulcock Street, with frontages to both Bulcock Street and Maloja Avenue.
CBRE’s Rem Rafter and Brendan Robins, appointed to manage the expressions of interest campaign, said the Sunshine Coast Council has allowed relaxed height restrictions and the potential to develop a 13-storey project, subject to approvals.
“The Caloundra Centre Master Plan typically dictates a 25-metre height limit,” Rafter said.
“If properties are amalgamated, and a developer proposes a minimum four-star hotel or a vertical retirement facility, buildings can be as high as 40-metres.”
Price guidance for the 2,830sq m site is in excess of $5 million, according to industry sources.
Further south…
South of Brisbane, the Acacia Ridge Hotel has hit the market with price expectations of around $35 million.
Balmoral Hospitality Group, led by Joel Fisher, are divesting the large format hotel after snapping it up for $26 million in 2017.
The hotel, comprising 45 Electronic Gaming Machines, 34-room accommodation, and a drive-through bottle-shop, spans a 18,450sq m corner block at 1386 Beaudesert Road, around 17-kilometres from Brisbane CBD.
HTL Property’s Glenn Price, Andrew Jolliffe and Dan Dragicevich are leading the sales campaign.
Closer to Brisbane CBD, Silverstone Developments has snapped up the former International Hotel site in Spring Hill.
The former Spring Hill pub closed earlier this year.
Silverstone’s Managing Director Troy Daffy said the building is likely to be repositioned with retail or medical users in the near future, with a long-term play of a larger medical or commercial development given its proximity to the St Andrews War Memorial Hospital.
CBRE’s Darren Collins and Paul Fraser negotiated the sale of the corner property on a 1,745sq m site at 525 Boundary Street.
The $5 million purchase follows adds to Silverstone’s pipeline of Brisbane fringe projects. In August, Silverstone secured a deal with the Queensland government for the redevelopment of the PCYC and and a 12-storey commercial development, at 458 Wickham Street, in Brisbane’s Fortitude Valley.
Source: theurbandeveloper.com