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Development boom propels growth in Sunshine Coast markets

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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/

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Infrastructure

First look at new university campus north of Brisbane

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sunshine coast

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.

sunshine coast

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.”

sunshine coast

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.

Source:www.9news.com.au

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Infrastructure

Queensland’s $46 Billion Infrastructure Boom

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Queensland’s $46 Billion Infrastructure Boom

The Palaszczuk Government has released an update to its 2018 State Infrastructure Plan as it aims to roll-out a total of $45.8 billion worth of infrastructure over the next four years.

The second part of its State Infrastructure Plan (SIP) focuses on a range of infrastructure spending with its updated release, outlining the $11.6 billion of infrastructure investment to be rolled out in 2018-19, which aims to support up to 38,000 jobs.

Economic forecaster Deloitte Access Economics said that the outlook for engineering construction in Queensland is better than it has been for some time.

“Rather than wallowing in cash from a strong property market and asset privatisations as NSW and Victoria are, the Government is relying more heavily on raising new tax revenue and increasing debt to fund this infrastructure,” Deloitte’s quarterly Business Outlook report said.

Up to 65 per cent of the Queensland’s infrastructure budget is allocated outside of the greater Brisbane area, explained Minister for State Development, Manufacturing, Infrastructure and Planning Cameron Dick.

“Programs like the Queensland Transport Roads and Investment Program 2018-19 to 2021-22 outlines $21.7 billion in transport and road infrastructure over the next four years, estimated to support an average of 19,200 direct jobs over the life of the program.

Queensland’s $46 Billion Infrastructure Boom

The $5.4 billion Cross River Rail project, the biggest state funded infrastructure commitment in more than a decade, will be delivered in partnership with the private sector, explains Dick.

Infrastructure Association of Queensland chief executive Steve Abson said the infrastructure investment strategies update provides the private sector with confidence to invest in their Queensland operations.

With it now required to be “actioned collaboratively by all levels of government and the private sector”.

Seven new projects have been added to the Building Queensland (BQ) infrastructure pipeline, including upgrades to the centenary motorway and Sunshine Motorway, and a third track to be added to the Gold Coast rail line between Kuraby and Beenleigh.

Queensland’s $46 Billion Infrastructure Boom
Seven new projects have been added to the Building Queensland infrastructure pipeline, including a third track on the Gold Coast railway line to be further investigated

BQ Infrastructure Pipeline Report which presents priority infrastructure proposals under development by the Queensland government, shows 18 proposals from the pipeline has received funding commitments from state government since June 2016.

These include upgrades to the M1 from Eight Mile Plains to Daisy Hill, and Varsity Lakes to Tugan, the Beerburrum to Nambour Rail Upgrade, the Lower Fitzroy River Infrastructure Project and the New Performing Arts Venue.

A rise in interstate migration is seeing more people moving to Queensland, according to the Deloitte’s Business Outlook report, which says the sunshine state now has the third-fastest rate of population growth behind Victoria and the ACT.

The report said that Queensland is “well and truly” through the worst of its mining construction downturn as eye-watering house prices south of the border are sending more “economic refugees north to Queensland”.

Source: brisbaneinvestor.com.au

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Budget delivers more record road spending for the Sunshine Coast and Moreton Bay areas

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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.

Source: mysunshinecoast.com.au

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