Developers snap up three beachside sites for $10m
COOLUM Beach has grabbed the development spotlight with $10 million in sales for three beachside sites.
Brisbane developer Mosaic Property Group has led the way in getting some more sand between its toes with another foray into the Sunshine Coast.
Mosaic has paid almost $6million for a beachfront site at Coolum, spanning five lots with a total combined area of 2876sq m.
Sunshine Coast-based HMR Projects has paid $2million for a 809sq m site at 15-17 Beach Road.
And another Coast developer has snapped up 4 and 6 Sunrise Avenue, together with 34 Elizabeth St for $2.1m. The three separate titles of 606sq m provide a total of 1818sq m.
Prior to purchase there was development application approval for construction of 16 luxury units.
Mosaic is already developing the luxury 56-apartment Drift along David Low Way.
The company's fifth project on the Sunshine Coast is to be known as First Bay.
The prime holding at 1674-1676 David Low Way and 127-133 Coolum Terrace is earmarked for a high-end residential project.
It has a building height limit of 12 metres and was sold with an existing approval for 24 residential units but with scope to amend and increase the yield.
CBRE's Rem Rafter and Brendan Robins of CBRE negotiated the sale in conjunction with Damien Michael and Todd McKee of McGrath Estate Agents.
"We had more than 30 inquiries on First Bay and received four very strong offers," Mr Rafter said.
Mr McKee said the strong interest reflected the fact that beachside development sites along the Sunshine Coast were tightly held and "opportunities of this kind are rare."
Mosaic managing director Brook Monaghan said the boutique apartment developer purchased the site on the back of its successful expansion into the Sunshine Coast.
"The acquisition came after an unprecedented sale record for our first Coolum Beach project, Drift by Mosaic," he said. "Around 70% of sales were to local owner-occupiers, which proved to us there was definitely a pent up demand."
Mr Monaghan said most of the apartments in the proposed First Bay development would have three bedrooms, to suit the strong local owner-occupier market. It plans to launch the project in mid-2019.
The sale of the other two Coolum development sites were negotiated for $4.1m by Luca Reynolds and Len Greedy of Ray White Caloundra Commercial.
They see the sales as further evidence of the heat being generated by the Sunshine Coast's buoyant investment market.
The highly successful marketing campaign attracted the attention of prospective purchasers from across Australia, generating strong inquiry attributed to the development potential and location of both sites.
"The marketing campaigns were very well received and we worked closely with a number of prospective buyers,'' Mr Reynolds said.
Owned and operated by long-time Sunshine Coast residents the Reed family, HMR Projects specialises in delivering boutique residential and commercial projects throughout south-east Queensland.
The 809sq m site that corners Beach Road and Frank Street provides a 12m development height limit. HMR Projects will develop seven apartments and penthouse to be known as Latitude Coolum Beach.
"The property benefits greatly from its idyllic location overlooking the spectacular Coolum beach,'' Mr Greedy said, "and is located just minutes from the town's popular main retail strip.
"This offers future residents the perfect coastal lifestyle we're renowned for."
Mr Reynolds said the amalgamated site of 4 and 6 Sunrise Av, and 34 Elizabeth St also benefitted from its location, just a short stroll to patrolled beaches and the main retail precinct of Coolum.
"With prior DA approval for the construction of luxury units, this listing offers the perfect canvas for the purchaser."