A proposal has been announced for a $100 million surf ranch on the Sunshine Coast with 11-time world champion Kelly Slater’s name attached and a Brisbane-based heavyweight to develop the project.
Consolidated Properties, led by Don O’Rorke, confirmed with The Urban Developer that the group is behind the project in a move that would see it partner with the World Surf League on the development.
The surf ranch, which would span a 529-hectare site in Coolum, would deliver a sporting and tourism facility – valued at an estimated $100 million – in an announcement made by the pro-surfers governing body WSL which own a majority stake in Slater’s company.
It’s understood that construction company Hutchinson Builders, led by Scott Hutchinson, could also be part of the major Sunshine Coast project.
The project includes the development of an eco-lodge, event and training facilities, public open space and an environmental experience centre, located in proximity to the Sunshine Coast airport.
WSL Asia Pacific general manager Andrew Stark described Australia as a core market for the WSL.
“We want to ensure we and our partners strike the right balance between economic development and sustainable growth for the coast,” he said.
“And we view the Sunshine Coast as a natural home for a Surf Ranch, given its culture, history, and roots within surfing as well as its pristine beaches and commitment to environmental sustainability.”
The original Kelly Slater surf ranch, based in California and recently visited by tourism minister Kate Jones, originated from Slater’s wave-technology company aiming to create the “perfect wave” for surfers.
“Having seen this experience first-hand, I can say without doubt that this will be a major drawcard for thousands of people around the world,” Jones said.
Visit Sunshine Coast chief executive Simon Latchford said having Slater’s name attached to the project would increase the region’s appeal.
“While Visit Sunshine Coast is enthusiastic and excited by the project, we are very mindful it must fit the approval criteria laid down by Sunshine Coast Council and state government,” Latchford said.
Subject to planning, Stark says the project could be in operation by 2021.
The new city center of Maroochydore promotes real estate growth
The new city center of Maroochydore is slowly taking shape and, according to developer SunCentral, is already helping to drive real estate growth in the nearby Sunshine Coast suburbs.
The new Maroochydore City Center is located on a former 53 hectare golf course and is one of the largest CBD projects in the green field in Australia.
John Knaggs, SunCentral’s chief executive officer, said that the project, when completed, would deliver commercial, residential, retail, and mixed-use projects along with public green spaces such as parks, squares, and waterways.
“Maroochydore’s new CBD is expected to create more than 15,000 permanent jobs on the Sunshine Coast and bring in more than $ 4.4 billion to the local economy,” Knaggs said.
“The total construction cost for the 20-year project is estimated at $ 2.1 billion.”
After more than a decade of planning, the first stage of the Maroochydore City Center was officially opened to the public in August. The first buildings are under construction.
It will be complemented by other infrastructure developments in the region, including the expansion of the Sunshine Coast Airport and the recent completion of the Sunshine Coast University Hospital for $ 2 billion.
“Maroochydore’s CBD will be at the heart of a region where unprecedented investments in private and public infrastructure are being made,” said Knaggs.
“The confidence of companies on the Sunshine Coast is strong as the economy is growing four times faster than the Australian one.”
According to a real estate report by analyst Terry Ryder, average property prices in the Sunshine Coast suburbs have risen by up to 37 percent. These include the Twin Waters suburbs, which grew 21 percent last year, and Mooloolaba, which grew 14 percent.
Further north, Sunshine Beach grew 37 percent, and the Noosa hinterland suburb of Doonan grew 19 percent.
“The new CBD is at the heart of this growth. It provides a center for the growing economy and employment opportunities of the Sunshine Coast while helping to boost housing price increases in the region,” said Ryder.
The local government districts of Sunshine Coast and Noosa are expected to reach 580,000 residents by 2041.
“Population growth leads to higher demand for real estate, which in turn leads to higher values,” said Ryder.
“In fact, the region is now tending to shortage of new housing. The Property Council of Australia warns that the Sunshine Coast cannot keep up with demand.”
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New Maroochydore City Centre fuels property price growth
The new Maroochydore City Centre is helping drive residential property price growth on the Sunshine Coast with new figures revealing double digit increases in top performing suburbs.
Property analyst Terry Ryder revealed in a new report that some Sunshine Coast suburbs had experienced media house price rises of up to 37 per cent in the past year, a growth trend driven by unprecedented infrastructure spending across the region.
“From the recently completed $2 billion Sunshine Coast University Hospital and its broader $5 billion health precinct, to the current expansion of the Sunshine Coast Airport and the preliminary work for light rail and passenger train services, there is more growth happening in this region that almost any other region in the country,” Mr Ryder said.
“The new CBD, being built from scratch on a 53-hectare greenfield site, is at the heart of this growth, providing a centre for the Sunshine Coast’s growing economic and job opportunities while helping to fuel residential price rises across the region.”
The new Maroochydore City Centre, being designed and delivered by SunCentral Maroochydore, was officially opened in August and the first buildings are currently under construction.
SunCentral Maroochydore Chief Executive Officer John Knaggs said other large infrastructure projects, such as the Sunshine Coast International Broadband Network, were also contributing to the region’s economic evolution.
“The growth metrics of the region are all coming together,” Mr Knaggs said.
“There’s been a decade of planning getting to this point, and now the Sunshine Coast is realising these opportunities creatively.”
Mr Ryder said there was $20 billion in projects either recently completed, under construction or approved on the Sunshine Coast – more than more than Canberra, Hobart or Darwin and challenging Adelaide and Perth.
“This can be seen in the property market with values for both homes and units soaring in the past year,” he said.
“We have suburbs like Twin Waters and Doonan where the median house price was up by about 20 per cent and the unit market median price jumping 14 per cent to reach $700,000 in the past year.
“This, combined with strong population growth, puts investors on the Sunshine Coast in the box seat to take advantage of ongoing price growth.”
In his report, The Sunshine Coast: Australia’s Most Compelling Growth Story, Mr Ryder said the population of the Sunshine Coast and Noosa local government areas were tipped to reach 580,000 by 2041.
“Population growth leads to more demand for property and that in turn translates to increased values,” he said.
“In fact, the region is now tending towards a shortage of new dwellings with the Property Council of Australia warning that the Sunshine Coast is at risk of not keeping up with demand.”
Mr Ryder said the Sunshine Coast’s economic and real estate fortunes had risen dramatically as the region expanded and diversified its economy.
“Nothing supports price growth like a booming economy,” he said.
The report revealed the Sunshine Coast had achieved an economic growth rate of more than 4 per cent a year over the past 15 years – well above national averages – and the region’s $17.7 billion economy was expected to expand to $33 billion by 2033.
TOP PERFORMING SUBURBS FOR MEDIAN HOUSE PRICE GROWTH
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TOP PERFORMING SUBURBS FOR MEDIAN UNIT PRICE GROWTH
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