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Big plans for Reed Property after Big Top sells for $85m

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FRESH after announcing the $85 million sale of the Big Top centre Reed Property Group is preparing its next big acquisition on the Sunshine Coast.

But details of where the next development will be are a closely guarded secret.

CHUFFED: Reed Property Group head of development Jay Emmerton is excited about the sale of the Big Top.

CHUFFED: Reed Property Group head of development Jay Emmerton is excited about the sale of the Big Top.

Reed’s head of development Jay Emmerton said more details would be released next week. He said the next project would not be as big as the Big Top – which has only recently reopened after a $20 million revamp.

Reed is also settings its sights on Brisbane and the Gold Coast.

“We will start in Brisbane and expand our interest to the Gold Coast,” Mr Emmerton said.

“But the head office will remain on the Sunshine Coast.”

Ken Reed will also remain chairman of the board.

No one from LaSalle Investment Management, the company that bought the Big Top, was at yesterday’s official announcement.

But head of funds management Chris Forbes said the company planned to “further develop” the fresh market concept as a point of difference.

“LaSalle intends to build on the momentum of the market fresh concept and further enhance the lifestyle and entertainment aspects of the precinct,” he said.

Mr Emmerton said he expected development of the 3.5 ha site to start on the top corner at 6 to 8 Ocean St.

“If it was up to us, that’s where I’d be looking at first,” he said.

“There are a couple of average looking shops there.”

Neighbouring Ryan Plaza, which was included in the purchase, would probably also be in line for a revamp.

Sunshine Coast Mayor Mark Jamieson welcomed the sale of the Big Top and said it showed the increasing national and international interest in Sunshine Coast property.

“If a 3.5 ha site sells for $85 million, you can only think what the 53ha Maroochydore SunCentral (former Horton Park) site would be worth,” he said.

He hoped the area around Ocean St would become the Sunshine Coast’s “version of West End”.

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Auction tips: Why and when you should auction

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WHEN it comes time to sell your property, the age-old argument of auction versus private treaty naturally comes to the fore.

There is no one best practice but the general consensus among property professionals is both type of housing and market confidence play pivotal roles.

Core Logic RP Data auctions spokesman Kevin Brogan crunched combined capital city data over the 12 months to November 2015 and found higher valued and more unusual properties were taken to auction.

“If you have a house in a street and there are 10 others like it, you have a pretty good idea of what it’s worth,” Mr Brogan said.

“But if it’s unique or unusual you might not be able to pick what it’s worth so you take it to auction on the proviso there’s enough interest.

“Looking at the combined capital city data over the past 12 months to November, you see the general median price of houses that sold at auction is about $950,000.

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Construction Begins On Sunshine Coast CBD

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Construction Begins On Sunshine Coast CBD

Construction Begins On Sunshine Coast CBD

Construction officially began today on a new central business district for the Sunshine Coast, which is forecast to create more than 30,000 permanent jobs in the region by 2040 and provide a $5.9 billion boost to the Queensland economy over the project‟s 20-year life.

Premier Annastacia Palaszczuk turned the first sod on the prime 53-hectare SunCentral Maroochydore development site, which promises to showcase excellence in urban design, technology and innovation, including some Australian firsts, such as automatic waste collection.

SunCentral Maroochydore‟s Chief Executive Officer John Knaggs said the unique development represented a coming of age for the region.

“The Sunshine Coast is already the second highest performing regional economy in Queensland and the fifth highest nationally,” Mr Knaggs said.

“With the $1.8 billion Sunshine Coast University Hospital due for completion at the end of this year along with the planned expansion of the Sunshine Coast Airport, the new city centre at Maroochydore will ensure we are rising to the challenge of growth, with a clear focus on jobs.

“The Sunshine Coast population has risen from 65,000 to 335,800 in the past 40 years and by 2040, well over half a million people are likely to call the region home.”

The Council-owned land would deliver more than $300 million in public space and infrastructure to the people of the Sunshine Coast.

Sunshine Coast Mayor Mark Jamieson said the site on the former Horton Park Golf Club would be transformed over the next two decades to include commercial buildings, destination retail outlets, a premium hotel, civic facilities and an exhibition, convention and entertainment centre, with 40 per cent of the new city centre site dedicated to waterways and parkland.

“This is Australia‟s only greenfield CBD within an existing urban area, which provides us with the opportunity to build from scratch, a city centre that is able to meet the needs of people both now and in the future,” Mayor Jamieson said.

“Applying our smart city framework – which includes digital solutions for the management of street lighting, car parking, water, power and signage that is detected by smartphones and other technologies, and where rubbish bins are emptied via automated underground tubes means SunCentral Maroochydore will become a nation-leading destination for innovative businesses.

“Importantly, given its significance to the Sunshine Coast, this is a project owned by the community. Independent expert analysis suggests our new city centre will grow our local economy by $4.4 billion over the life of the project.”

SunCentral Maroochydore‟s CEO said the project was vital to preventing urban sprawl on the Sunshine Coast and would deliver a viable commercial hub, public recreational facilities and an interconnected city.

“Urban sprawl has been a challenge on the Sunshine Coast for decades and SunCentral Maroochydore is about consolidating future development and delivering an outstanding city centre,” Mr Knaggs said.

 

 

 

Originally Published On: http://www.theurbandeveloper.com/

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Coast real estate experts say property still on the rise

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REAL estate identities say the Sunshine Coast market will continue to grow steadily, regardless of reports that the housing cycle has peaked.

EXPERT’S VIEW: Prices are yet to peak say local agents.

EXPERT’S VIEW: Prices are yet to peak say local agents.

Investment bank Morgan Stanley released research this week calling the peak and forecasting a slowdown in price growth, followed by a negative impact on building activity next year. (more…)

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