Brisbane — The Sunshine Coast is positioned to become Queensland’s next investment hotspot, with the region’s property market set to benefit from population growth, a diversifying economy and a swag of new developments.
A new CBRE Viewpoint highlights favourable conditions for the Sunshine Coast’s commercial property markets, with a number of key drivers aligning the region for a period of major growth.
CBRE Managing Director Rem Rafter said the Sunshine Coast offered some of the most compelling property fundamentals in Australia.
“While some areas of Queensland have been impacted by the mining investment downturn, the Sunshine Coast has a diverse economy that supports strong employment levels and subsequent population growth,” Mr Rafter said.
“The Sunshine Coast is one of Queensland’s fastest evolving regions, with new developments such as the airport expansion and new Sunshine Coast Public University Hospital attracting more people and investment opportunities.”
CBRE Research manager Craig Godber said a number of projects earmarked for the region would provide a boost to the local market and provide a solid base for future growth.
“Over the medium to long term, the local economy will benefit as the Queensland economy realigns away from its recent resource based engineering construction focus,” Mr Godber explained.
The Sunshine Coast economy accounts for 4.5% of the Queensland economy, comprising construction (15.3%); retail trade/accommodation (13.6%); and health care/social services (12.1%).
Highlighting the Sunshine Coast Public University Hospital, Maroochydore Principal Development Area, Sunshine Coast Airport expansion and Aura, Mr Rafter said infrastructure developments would provide benefits and opportunities to the commercial property market.
“These key projects will redefine the Sunshine Coast’s property landscape, presenting new opportunities that will attract both interstate and offshore investors,” Mr Rafter explained.
“The new Maroochydore City Centre will deliver around a 240,000sqm commercial footprint to the region, in addition to 2,000 residential dwellings and a five star hotel.”
Mr Rafter said privatisation of the Sunshine Coast airport would help drive enormous growth in the region.
“Of the four major projects which could drive this region forward, the airport expansion has the most potential to attract visitors. Although the airport has an excellent management team, it is hard to see a project of this scale being driven by a regional council,” Mr Rafter said.
Sunshine Coast Public University and Kawana Health Campus
Due for completion in 2016, the Sunshine Coast Public University Hospital is a landmark project that will support population growth and boost health-related business activity significantly.
Mr Godber said the project would present significant opportunities for the commercial sector, with associated developments including health facilities, an 80-room BEST WESTERN PLUS Hotel, car park with ground floor retail, child care/early learning centre and gymnasium.
“Further commercial opportunities exist within the broader Oceanside Kawana precinct, including the future town centre and commercial precinct,” Mr Godber said.
Maroochydore City Centre Priority Development Area
Covering approximately 62 hectares, the Maroochydore City Centre Priority Development Area (PDA) is intended to create a new central business district for the region, which will create a plethora of commercial opportunities in the area.
The development will comprise approximately 75,000sqm of retail, 165,000sqm of commercial space and around 2,000 residential dwellings. Around 53 hectares will be available for development over two decades.
Sunshine Coast Airport expansion
The Sunshine Coast Airport expansion will provide a significant boost to the local commercial property market, with the potential to bring two million passengers to the region each year.
“Sunshine Coast Airport currently supports a little under 900,000 passenger movements annually, with a record high of 950,000 in 2008,” Mr Godber explained.
“Such an increase in capacity, including greater scope for international flights, would significantly benefit the Sunshine Coast’s tourism industry.”
Aura (formerly known as Caloundra South)
Aura is the largest residential city development project in Australia at present, and when completed over approximately a 30-year timespan, will provide approximately 20,000 dwellings to accommodate a population of approximately 50,000 people.
Originally Published On: http://www.hospitalitynet.org/
City Deal a $58bn ‘Game Changer’ for Southeast Queensland
South-east Queensland could be green-lit for the biggest “city deal” in Australia, with a $58 billion proposal to guide its growth, and the prime minister announcing his support for the major plan.
With a focus on supporting diverse sectors within the region including housing and planning, tourism, manufacturing and education, the SEQ City Deal could also pave the way for government-owned land to be opened for development.
Queensland deputy premier Jackie Trad this week released Transforming SEQ, which highlights 35 “opportunities” that could be considered as part of the future City Deal, including six “game changers” for the region.
“Modelling by KPMG has shown a SEQ City Deal could stimulate an increase of up to $58 billion in our economy by improving the productivity and competitiveness of the region,” Trad said.
Prime minister Scott Morrison will be meeting with the SEQ Mayors and Queensland government to discuss the proposal this week.
The City Deal, which involves all three levels of government — council, state and federal — would see government working on priorities to drive the SEQ economy.
Under a City Deal plan, all three levels of government sign an agreement to set the priority infrastructure projects and initiatives.
Integrated land-use planning approach?
Property Council chief executive Ken Morrison described the announcement as “a game-changer for the region.
“Our growing cities and urban regions are the engine rooms of the Australian economy,” Morrison said.
“The city deal model brings together all levels of government around the same plan to boost productivity and jobs through targeted investment in city-shaping projects and infrastructure.”
Property Council Queensland director Chris Mountford said the council has been collaborating with state government and SEQ councils for nearly six years on the potential for a city deal.
“The State and local governments have also agreed in principle to a more coordinated integrated land-use planning approach,”
“Opening up under-utilised government-owned land for development has also been agreed as a clear opportunity to unlock economic activity, create jobs and build business confidence.”
The region’s current 3.5 million population is forecast to increase to 5.3 million within the next 25 years, ultimately requiring an extra 800,000 homes and additional one million jobs.
Focus has been placed on the recently released people mass movement study which identifies the impact of the expected population growth on the region’s ability to cope with future transport demand.
Minister for Cities Alan Tudge said he, along with the prime minister, will be meeting with the SEQ Mayors to discuss the Deal.
“We need to cater for this rising population and the SEQ City Deal will be a huge step forward,” Tudge said.
South-east Queensland is already home to over two-thirds of the state’s population.
The region is home to nearly one in every seven Australians.
The agreement marks the second city deal for Queensland following the policy being first established in Townsville.
So far, city deals have been developed for Western Sydney, Townsville and Launceston, and a further four more are currently under negotiation in Adelaide, Hobart, Perth and Geelong.
$63b infrastructure plan to keep SEQ moving till 2041
It’s going to cost $63.7 billion to keep South East Queensland moving over the next two decades, according to a study released today by the region’s mayors.
The population of the region is expected to grow by about 1.8 million people to more than five million people by 2041, putting extraordinary demand on the already strained transport network.
The SEQ People Mass Movement Study lists a total of 47 projects designed to keep city-to-city trips under 45 minutes and urban commutes under 30 minutes, including a faster rail network connecting the Sunshine Coast and Gold Coast via Brisbane and west to Ipswich and Toowoomba.
Brisbane Lord Mayor Graham Quirk said the infrastructure plan, coined the Strategic Transport Road Map, would keep the region “economically productive” while maintaining its liveability.
“Business as normal is not going to work, we need to increase the amount of money that is being spent in South East Queensland,” Cr Quirk said.
He said the plan would require an average expenditure of about $2.7 billion per year until 2041, which he said was “not an unrealistic figure”.
“What we are seeing in Sydney and Melbourne right now is this massive spend on infrastructure. That’s because they allowed it to get too far behind. We cannot do that in South East Queensland.”
He said there had been no shortage of plans for the region’s transport network, but it was time for all levels of government to unite with a shared vision.
Redland City mayor Karen Williams said the plan delivered the projects over a “reasonable amount of time with a reasonable amount of investment”.
“It’s not a matter of ‘can we afford this?’ It’s the fact that we can’t afford not to do it,” Cr Williams said.
Faster Rail is not as fast as high speed rail, which delivers speeds up to 350km/h, but could run at about 160km/h with top speeds of up to 200-250kmh, with limited stops.
It would be connected to the light rail networks on the Gold Coast and Sunshine Coast in order to ease congestion on major arterials.
Other projects include the Brisbane Metro, Cross River Rail and road upgrades, including the Pacific, Sunshine, Centenary, Ipswich and Logan motorways and the Bruce, Warrego and Mt Lindesay highways.
The study also took into account emerging technologies including autonomous vehicles.
It was first proposed in 2016, and began in September 2017, with the aim of bringing together multiple local, state and national transport studies into one cohesive plan.
The South East Queensland region takes in the Brisbane City, Ipswich City, Lockyer Valley Regional, Logan City, Moreton Bay, Redland City, Scenic Rim Regional, Somerset Regional, Sunshine Coast and Toowoomba Regional council areas.
First look at new university campus north of Brisbane
Builders have started hauling heavy machinery into Petrie, as construction commences on the University of the Sunshine Coast’s new campus.
When completed, the multi-storey building will boast a large lecture theatre, an auditorium and a number of teaching rooms.
It will accommodate 1200 students studying up to 50 courses including business, education and computer sciences.
“There’s some quite innovative spaces inside the building,” Greg Baumann, from building company Hansen Yuncken, said.
Construction at the site has officially begun. (9NEWS)
Positioned next to the Petrie train station, the new campus will slash travel times for thousands of students who live between Brisbane and the Sunshine Coast.
Vice-Chancellor, Professor Greg Hill said the lack of university locations north of the city has seen up to 1500 students travel from the Moreton Bay area to the Sunshine Coast campus every week day.
“Moreton Bay is one of Queensland’s fastest growing regions, but has been the only region of its size in Australia without its own full-service university campus,” Professor Hill said.
“You have a better chance of finding a young person with a degree in outback Northern Territory, than you do in Caboolture.
“It’s an outstanding statistic, and we’re going to do something to fix it.”
An artist’s impression of the new campus. (Supplied)
The new campus has the full support of the Moreton Bay mayor, who described the development as “well overdue”.
“This is just fantastic for the future of the young people of the Moreton Bay region” Allan Sutherland said.
“There are a lot of families here that just never even envisaged that they would end up going to university. All that is about to change.”
The foundations should be finished by early next year, with the university expected to open its doors ahead of Semester 1 in 2020.
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