The proposed new CBD in Maroochydore is already driving property growth in a number of Sunshine Coast suburbs. A new report identified 10 major projects deemed to have a significant influence on the regional market, with the Maroochydore City Centre ranking number 5. Maroochydore was just one of 25 suburbs listed as beneficiaries of these projects.
The report found that, during the 12-month period from March 2019 to March 2020, average house prices on the Sunshine Coast increased by 7.4%.
The former Horton Park Golf Course will be redeveloped by Sunshine Major Coast Council subsidiary SunCentral into a major retail and residential development, at an estimated cost of $430 million.
The much-anticipated Maroochydore City Centre development includes both commercial and retail, high and medium density residential developments, waterways, bike tracks, parklands, and high-speed Internet. It’s anticipated there will be 2,000 dwellings, with 150,000 m² allowed for commercial space and 65,000 m² for retail floor space.
This new City Centre will offer the fastest data and telecommunications connection between Australia and Asia, as well as providing unique features like the first ever below-ground automated waste collection system in Australia.
Based on world-class innovative design, the plan is for Maroochydore to become a vibrant hub of commerce, innovation, technology, inner-city living, and entertainment. Notable features include –
o Prime commercial office space
o Exclusive retail
o A premium hotel
o Residential apartments
o Community facilities
o Public plazas
o Dining and entertainment
o An exhibition and convention centre
o New parks and waterways.
Four buildings have already been locked into the City Centre, while a further building is going through the approval process.
The Sunshine Coast Council believes that, by the year 2030, the 20-year project will have created more than 30,000 jobs.
Queensland’s Premier, Annastacia Palaszczuk, said that the new City Centre in Maroochydore will cement the Sunshine Coast’s reputation as one of Queensland’s, if not Australia’s, best performing regional economies.
Simon Pressley is head of research at Propertyology. He explained that, in order to evaluate the impact major developments have on property markets, they assess the economic benefits in relation to the size of the community. As an example, a $5 billion infrastructure project in a major capital city could well have no influence at all on the performance of that city’s property market, whereas a $50 million project in another part of Australia could create substantial momentum for its property market.
According to the report, the Sunshine Coast grew at a higher rate during the past decade than any other Australian location, leading researchers to predict that the Sunshine Coast is poised for further growth. Mr Pressley said that the Maroochydore City Centre development complements the $300 million expansion of the Sunshine Coast Airport, which is due to be completed for international status by late 2020.
A development application for a proposed second site located within the Maroochydore City Centre, to be known as Corsos, has now been lodged by Habitat Development Group.
If Habitat receives approval for the 4119 m² Lot, the building named Corsos would be the fifth building in the precinct. In the meantime, the CBD’s first residential building, to be known as Market Lane Residences, will begin construction later this month, at an estimated cost of $83 million.
Other projects already approved include a 167-room Holiday Inn Express by the Pro-Invest Group, the relocation of the Sunshine Coast Council City Hall, and Evans Long's Foundation Place.