The organisation charged with delivering one of Queensland’s largest urban regeneration projects, the Maroochydore CBD on the Sunshine Coast, has begun looking for developers and investors in the next stage of the plan.
SunCentral Maroochydore is seeking expressions of interest for more than 15 hectares of pre-approved developable land in the masterplanned city centre.
This includes 67,500 square metres of commercial space and 25,900 square metres of retail floorspace, along with 1390 apartments, across a number of precincts.
The campaign follows more than 90 per cent of lots in the first stage now either under negotiation or contracted for construction, as well as the completion of civil works such as roads, footpaths, kerbing, landscaping and smart-city infrastructure.
Construction on the city centre’s first building, an eight-storey commercial property by local developer Evans Long, is expected to start this year.
Habitat Development Group has lodged a development application for a two-tower, 152-apartment project, worth $83 million, while the Sunshine Coast Regional Council is also constructing its nine-storey headquarters in the core commercial precinct.
“This is a unique opportunity for experienced developers and institutional capital groups to enter into a long-term partnership with SunCentral Maroochydore and set a new benchmark for city-centre design and development in one of the fastest growing regions in the country,” SunCentral Maroochydore chief executive John Knaggs said, in announcing the second stage of the CBD plan.
It was offering larger precincts than the first, with the opportunity to operate them longer term, he said, adding that the chance to help create a new city centre was rare, and the benefits far-reaching.
“We are looking for the best city-makers to partner with us on this landmark project and look forward to bringing innovative development outcomes and high-quality urban design to life on the Sunshine Coast,” he said.
With the Sunshine Coast tipped to be home to 500,000 people by 2036, the site of the new Maroochydore CBD has been declared a priority development area by the Queensland government.
This allows for streamlined planning, approval and development processes, which include a proposed light-rail network.
The new CBD is expected to create 15,000 permanent jobs on the Sunshine Coast with its construction generating $5.9 billion in output and $2.3 billion in value-add to the Queensland economy over the project’s 15 to 20-year life. The expressions of interest program is open until August 30, 2019.