A BRITISH-based investor has found his place in the sun, snapping up the last full-length waterfront development site in the Maroochydore CBD.
The 10 Duporth Ave property was marketed by Savills’ Jerry O’Reilly on behalf of a local private vendor as part of a deceased estate.
Set on a 2064sq m site, including 23.2m of direct river frontage, the property comprises of a 1960s three-level riverfront unit block as well as single-level retail shops fronting Duporth Ave.
The new owner was introduced by G1 Property Mooloolaba’s Simon Guilfoyle and Terri Liddell.
Mr O’Reilly said it was a never-to-be-repeated development opportunity.
“This is a true trophy site and the final remaining piece of prime Maroochydore riverfront real estate,” he said.
“It is the last site of its kind that provides a combination of both waterfront and established CBD positioning in what is one of the most sought-after locations on the Sunshine Coast.”
The property has uninterrupted views over the Maroochy River, out to the rivermouth, coastline and ocean beyond and over the popular Cotton Tree parklands.
Accordng to RP Data it had been on the market since 2010.
Mr Guilfoyle said the new owner was an existing client and had expressed an interest in the property two years ago but the timing was not right.
“He reappeared last year and the timing was right,” he said.
Mr Guilfoyle said the wner had “grand plans” for the site which is zoned for 12 storeys.
“Therefore watch this space and we welcome all inquiries,” he said.
Mr O’Reilly said the campaign attracted a flurry of interest nationally and overseas over the past six months.
“The world-class nature of this property and its future redevelopment potential is reflected in its sale to a UK-based buyer. International investment into Maroochydore also represents a major vote of confidence in the wider Sunshine Coast market,” he said.
“Historically, the key waterfront precincts of Maroochydore and Mooloolaba have been the domain of local Sunshine Coast developers, such as the Reed, Juniper and Forrester groups, so it is refreshing to see an international investor secure one of the best remaining sites.
“Sometimes, it takes the fresh eyes of someone overseas to highlight just how special our prime waterfront property is on the world stage, which can often be taken for granted.”
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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