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/
Budget delivers more record road spending for the Sunshine Coast and Moreton Bay areas
The Palaszczuk Government will deliver $509.7 million in 2018-19 for the North Coast district as part of another record investment in road and transport infrastructure for the third year in a row.
Transport and Main Roads Minister Mark Bailey said the district was one of the many beneficiaries of the blockbuster roads budget being delivered under the Queensland Transport and Roads Investment Program (QTRIP).
“Funding for the Sunshine Coast and Moreton Bay area is part of the Queensland Government’s record spend on road and transport infrastructure across the state for the third year running, with an investment of about $21.7 billion over the next four years,” Mr Bailey said.
“This will include $2.917 billion of works planned just for this area alone, over the next four years, supporting an average of 2689 direct jobs.
“Continuing works on the Bruce Highway and other key links around the Sunshine Coast and Moreton Bay are the main focus.
“We’re also looking to get cars off the Bruce, and Sunshine Coast commuters will benefit from $160.8 million Queensland Government funding for the Beerburrum to Nambour rail upgrade, which will support an average of 312 jobs per year over the life of the project, with design work getting underway in 18-19.
Mr Bailey said major projects for the North Coast district in 2018-19 included:
– Bruce Highway Upgrade Project, continue widening of the highway from four to six lanes between Caloundra Road to Sunshine Motorway and upgrading the interchanges for a total cost of $812.9 million (2018-19 $200 million)
– Bruce Highway, continue installing safety barriers along the highway between Beerburrum and Cooroy for a total cost of $79.8 million (2018-19 $42.5 million)
– Burpengary Caboolture Road (locally known as Morayfield Road) and Beerburrum Road Route Safety project, start work on safety treatments along these sections between the Bruce Highway and D’Aguilar Highway overpass for a total cost of $28.8 million (2018-19 $8 million)
– Continue upgrades to improve access to the Sunshine Coast University Hospital for a total cost of $22 million (2018-19 $4.8 million) with works starting on a third package to improve capacity at Nicklin Way between Main Drive and Waterview Street and provide access from Production Avenue to Kawana Way
– Caboolture Connection Road Route Safety Strategy, continue safety improvements along various locations on Caboolture Connection Road between the Bruce Highway and D’Aguilar Highway for a total cost of $7.6 million (2018-19 $3.7 million)
“We are also providing $3.7 million in 2018-19 through the 50:50 Transport Infrastructure Development Scheme (TIDS) to support councils to develop the local transport infrastructure they need,” he said.
Mr Bailey said this budget showed the Palaszczuk Government’s ongoing commitment to delivering key infrastructure and creating jobs for the people of Queensland.
“The Palaszczuk Government’s investment in roads, rail, marine, passenger transport and active transport infrastructure is estimated to support about 19,200 direct jobs, on average, over the life of the four-year program,” he said.
Council commits to new Coast convention centre
MONEY from the sale of Sunshine Coast Council land will be reserved to help bring a convention and exhibition centre to the new Maroochydore CBD.
A new facility is expected to cost about $200 million and the council commitment is intended to encourage state and federal contributions.
The commitment was made in a confidential session of the most recent council meeting after a motion moved by Cr Jason O’Pray was successful with seven votes for and three against.
Mayor Mark Jamieson, Cr Tim Dwyer and Cr Peter Cox opposed the motion.
Cr O’Pray could not release details of the yet-to-be-sold property or how much money would be raised but said he thought making the financial commitment, on top of providing the land, was a positive step in achieving a suitable facility.
He said he took advice from council officers in making the plan.
“I had tossed and turned about this for quite some time when I knew we were selling land in Maroochydore,” Cr O’Pray said.
“My main reasoning for quarantining this money was because I’m absolutely certain we will need state and federal backing on this.
“It is really important to me to see the CBD has its own convention centre.”
He said securing a private backer would be “even better” than relying on government funding for the project.
“Council can clearly not afford that (cost) on its own.”
Cr Jamieson was contacted for comment but declined to publicly detail his reasons for opposing the motion, with a council spokesman saying the mayor did not disclose matters discussed in confidential session.
The spokesman said the council would contribute to a convention and exhibition facility by providing the land on which it was developed and in all likelihood, having to cover the ongoing annual maintenance and other costs.
“The ratepayers of many other regions across Queensland have not been required to contribute towards the cost of developing their convention and exhibition centres,” the spokesman said.
“The cost to construct such facilities in many of these locations has been borne by the State Government.”
He said a new functional brief and specifications for a new convention and exhibition centre had been completed.
Consulting firm PG International was engaged by the council in March last year to complete the work.
“The functional brief and specifications will inform the development of a business case and preliminary design, which will be done if and when, funding becomes available.”
A Department of State Development, Manufacturing, Infrastructure and Planning spokesman said the department didn’t currently have any funding allocated for a convention and exhibition centre on the Coast.
However, he said the minister for the department and the former director-general wrote to all local governments on March 12 inviting submissions for the Maturing the Infrastructure Pipeline Program.
He said the grant program was available to all local governments through a competitive process to undertake strategic planning for infrastructure and develop business cases and detailed design.
Submissions close on April 9.
“Sunshine Coast Council could make a submission for potential assistance in developing its business case for this project,” the spokesman said.
Fast rail a boon for future generations
Sunshine Coast Business Council chairwoman Sandy Zubrinich said the North Coast Connect project, which looks to draw on rail duplication and the CAMCOS corridor, would cater to the bulk of current and future Coast populations.
She said about 65 per cent of the current population of about 170,000 people lived within proximity of the CAMCOS corridor and 85 per cent of the future Coast popualtion growth is to the region’s south, in proximity to the rail corridor.
“Locals will benefit significantly from the increased connectivity,” she said.
The North Coast Connect project has received Federal Government backing by way of a share in $20 million for a business case to be developed.
It was one of just three projects nationally to secure the funding and the Palaszczuk Government has also committed $5 million towards the business case.
Supported by Brisbane, Moreton Bay, Sunshine Coast and Noosa councils, the project is seen by Ms Zubrinich as one perfect for bi-partisan collaboration.
“It is certainly a project that the three tiers of government and the community can get behind and support,” she said.
The business case will be delivered by a consortium of KPMG, Urbis, Stockland and Smec and is expected to take 12-18 months to put together.
The vision is to slash travel times from the Coast to Brisbane down to 45 minutes.
Originally Published: www.sunshinecoastdaily.com.au
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