Median values for the Sunshine Coast’s vacant residential land and house and land packages continue to improve thanks to the impact of the new Sunshine Coast University Hospital.
According to Between the Lines – Sunshine Coast Vacant Land Report February 2017, median land values have grown 4.02 per cent to $259,000 over the last year.
Ray White Land Marketing Director Jamie Martin said in the 12 months to June 2016, the median price paid for land reached a new high of $567 per square metre while house and land packages have shown three consecutive years of volume increases.
“House and land package sales have been the stand out performer for this region, increasing their volume of sales each year for the last three years,” he said.
“There were 268 sales recorded in the year to June 2016, ahead of the 2015 and 2014 results of 253 and 185 respectively.
“This number of sales is the highest recorded since 2008, highlighting the attractiveness of these packages resulting in a 6.45 per cent increase in value in the last year to $495,000.”
Mr Martin said lot approvals have fallen considerably this year, however this was due to several large-scale developments approved in the prior year.
The rate of 1,134 approvals is still ahead of the 2013–2014 results.
Ray White Commercial Head of Research Vanessa Rader said the Sunshine Coast market has benefited from strong investment into infrastructure projects over the last couple of years, which will continue with the opening of the Sunshine Coast University Hospital.
“Support businesses have been looking to position themselves around these projects and the increased population growth has confirmed the boost in employment demand across the region,” Ms Rader said.
“This has been further emphasised by the improved result across the Sunshine Coast office market which, according to the Property Council, has seen vacancies fall from 14.1 per cent back in 2013 to the low of just 6.9 per cent in January, 2017.
“These results are the best on record for this office market which provides close to 150,000 square metres of office stock.”
Originally Published: https://www.theurbandeveloper.com
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
Sunshine Coast Gets $225m Airport Runway in Tourism Boost
Construction and engineering group John Holland has been awarded the $225 million contract to deliver a new and enlarged runway at the Sunshine Coast Airport. The runway is due for completion by Christmas 2020.
Sunshine Coast Mayor Jamieson said that with increased air capacity will come the demand for new hotel accommodation as well as the refurbishment of existing stock.
“The new runway will accommodate larger, more fuel-efficient aircraft and open up direct access for the Sunshine Coast to more Australian cities, international markets in Asia and the Western Pacific and in turn, drive significant economic growth.”
The new runway is part of the Airport Expansion Project, and when complete is expected to contribute $4.1 billion to the Sunshine Coast’s economy over the period to 2040 – generating around 2,230 jobs and boosting tourism as well as providing new direct access to the region and access new markets for food and agribusiness sectors.
The expansion is part of a $372 million privatisation deal with Palisade Investment Partners. Palisade took control of Sunshine Coast Airport last year under a 99-year lease with Sunshine Coast Council.
The long-term lease sees Palisade responsible for operating, investing in, and developing the airport, as well as overseeing future expansion of both domestic and international routes available to and from the Sunshine Coast.
Current estimates for the whole project sit at $303 million, including design, environmental offsets and works undertaken to date.
The Australian Government and the Queensland Treasury Corporation have helped to bankroll the expansion project, providing around $181 million in concessional loans which will be repaid from the proceeds that council receives from its commercial partner, Palisade Investment Partners, in 2022.
John Holland Group will take possession of the project site over the next couple of weeks to start preparing the site for the dredging works to commence mid-year.
The project is on track for completion by Christmas 2020.
Originally Published: theurbandeveloper.com
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