New changes to the state government’s priority development scheme will see the delivery of up to 4000 new apartments in the new $2.1 billion Maroochydore CBD.
The Queensland government has approved changes to the Maroochydore City Centre that would see an increase in residential dwellings from 2000 to 4000 apartments within the priority development area.
Maximum building heights have been increased in areas to accommodate growth, while development will also need to meet design requirements relating to residential privacy and natural light access.
Last month investment and development company Pro-Invest announced it would develop the first new hotel in the Sunshine Coast’s new town centre.
The nine-storey, 167 room hotel will operate under the Holiday Inn brand, and is scheduled to open late 2020.
Construction kicked off on the first commercial building, the $30 million Cottee Parker-designed Foundation Place, by local developer Evans Long last month.
The new CBD builds on state government announcing the Maroochydore City Centre as a PDA in 2013, priming the precinct for infrastructure investment, economic development and the creation of a new CBD.
The PDA spans approximately 60 hectares, covering council owned land including the site of the former Horton Park Golf Club and land in Dalton Drive, purchased by the Sunshine Coast Council for $42 million in 2015.
The South East Queensland regional plan forecasts an additional 53,700 dwellings needed within Sunshine Coast urban areas by 2041.
Sunshine Coast Mayor Mark Jamieson said the latest approval will assist council meeting urban infill targets.
“Maroochydore is ideally placed to deliver more apartment living options for the region, and these changes will enable the city centre to grow.”
Sunland Wins Approval for Mermaid Waters Apartments
Residential developer Sunland has received approval from the Gold Coast City Council for its $240 million lakefront apartment development in Mermaid Waters on the Gold Coast.
The residential development is part of the Queensland-based developer’s masterplanned community The Lakes, a 42-hectare $1.3 billion project that will eventually have its own community and leisure-lifestyle retail village.
Plans, lodged late in 2018 for 289 new high-end apartments spanning four buildings, were revised in June increasing the number of apartments to 310.
The four mid-rise towers, designed by ex-Zaha Hadid designer Contreras Earl, will offer one, two and three-bedroom apartments overlooking the newly-named “Lake Unity” and ground level retail.
The two 10-storey buildings at the centre of the design feature ground-level retail and commercial spaces that will link to the future retail village, while the two 12-storey buildings will accommodate extensive resident amenities.
The approved buildings form part of a mega-site bordered by Bermuda Street and Hooker Boulevard that was acquired by Sunland Group in 2014 for $61 million.
Managing director Sahba Abedian said the project would provide unique opportunities capturing lakefront, city skyline, and hinterland views.
“The Lanes Residences combines leading architecture with retail, lifestyle and leisure amenities of an unprecedented scale.”
“The buildings will link to the future retail village at The Lanes and feature their own ground-level retail and commercial spaces, as well as extensive resident amenities.”
The development will also feature a 4,500sq m community lakeside green, which will form the centrepiece of project and become a focal point for the outdoor retail promenade.
The ASX-listed developer, which builds apartments and housing lots, currently holds a portfolio of 4,292 residential homes with a total end vale of $3 billion.
Earlier this year, Sunland offloaded the convenience retail asset Lakeview Retail Centre adjoining The Lakes precinct for $20 million in order to up capital to invest back into the masterplanned community.
Early works have already commenced, with two tower cranes installed on site with the project set to be launched to the market early 2020.
Construction is also under way at Sunland’s $250 million high-rise development on Hedges Avenue in Mermaid Beach.
The developer has plans with the Gold Coast City Council for a 16-level boutique apartment project located at 180 Marine Parade in Labrador.
Failed-Ralan Development Site in Surfers Paradise Hits the Market
An entire city block on the fringes of Surfers Paradise has hit the market following the collapse of Sydney-based property developer Ralan Group.
The Budds Beach site is approved for a development known as “Sapphire” and greenlit in 2016 for 1000 apartments across two high-rise apartment buildings.
Failed Ralan Group, led by director William O’Dwyer, went into voluntary administration earlier this year leaving apartment buyers at risk after investigations found a shortfall of $277 million in the developer’s trust account for deposits.
At the time of its collapse, the developer had a pipeline of more than 3000 residential units, many in the construction or pre-sale stage.
Ralan purchased the Surfers Paradise development site, which spans an entire 11,470sq m city block bounded by Norfolk, Pine, Oak and and Ferny avenues in 2015 for just under $20 million.
Knight Frank are marketing the sale, who are acting under instructions from Deloitte appointed by the mortgagee.
The Sapphire development site’s approval allows for two towers that would stand 71 and 33-storeys tall, along with a café, community centre, restaurant, retail and food premises
Knight Frank’s Mark Witheriff and James Branch are managing the listing, which is offered to market “in one line” or in parts due to the site made up of multiple existing titles and properties.
The pair said the campaign for the sale of the major site is two-fold, offered to market as a whole city block, or as individual beach houses, with expectation interest would come from major developers.
“The existing dwellings offer both owner occupiers and potential investors various opportunities to acquire either one or multiple properties, underpinned by significant future development potential, including both residential and commercial,” Witheriff said.
“We expect some buyers may consider acquiring a grouping of lots attracted by the future development potential in the precinct.”
The Sapphire site is being offered for sale by formal tender which closes at the end of this month.
Frasers Property Acquires 65 Hectare Yatala Site
Singapore-backed Frasers Property has purchased a 65-hectare industrial site in Yatala, located in the southern corridor between Brisbane and the Gold Coast, from privately-owned Seymour Group.
The Brisbane-based developer, led by Kevin Seymour, purchased the site only this year having paid approximately $20 million for the land parcel.
Frasers Property Industrial’s Ian Barter said the acquisition “aligns with Frasers strategy” of purchasing large land holdings in core markets close to major infrastructure.
“The Yatala area will continue to benefit from the expansion of both Brisbane and Gold Coast regions,” Barter said.
“We see this region consolidating its position as one of the major distribution hubs for South East Queensland.”
Frasers says masterplanning of the Yatala site will accommodate up to 300,000sq m of built form with stage one of the project slated for completion by early 2021.
Frasers says it has developed around $137 million worth of institutional development in the Yatala region, one of South East Queensland’s major industrial and logistics hubs.
The land parcel, located on Stapylton Jacobs Well Road, takes Frasers’ industrial land holdings and development in the area to 90-hectares.
Industrial Space’s Adam Wills brokered the transaction but would not comment on the sale price.
Earlier this year, Seymour Group purchased a car dealership, 99 Breakfast Creek Road, in Brisbane from ASX-listed car dealer AP Eagers for $61 million.
While in April, the group won approval for its nine-level beachfront development at 2 First Avenue Broadbeach on the Gold Coast, where the Queensland rich-lister has decided to keep two apartments for himself.
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