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.
The sale price was not disclosed by Savills but sources say it sold for just over $7 million.
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.”