Coolum Beach development back on cards

A LOCAL Sunshine Coast syndicate has snared a prime Coolum Beach development site earmarked for residential development.

Perfect square: Cube Developments snared prime development site at 1808 David Low Way, Coolum Beach Contributed

A LOCAL Sunshine Coast syndicate has snared a prime Coolum Beach development site earmarked for residential development.

Cube Developments paid $4.4 million plus GST for a 1.767 ha vacant site at 1808 David Low Way.

CBRE's Rem Rafter, who sold the property with Brendan Robins, said there were several buyers chasing it.

"In the end the vendor went down and the offers went up," he said. "It's a prime example of how the market has gained momentum. We were poles apart when we first took it to the market and there were three or four parties vying for it at the end."

The property has a long and complex history as a development site.

In 2003, Ariadne Australia and joint venture partner Hawaiian Management Group unveiled its plan for a unit and retail complex on the larger site which it bought in 1999 when it was the Coolum Gardens Caravan Park.

They built stages 1 and 2 of Element on Coolum but according to RP Data, in 2007 they sold the remainder of the land to Gold Coast-based Mayfair Base Pty Ltd which stopped development plans when the global financial crisis hit. Mr Robins said the site had development approval for 96 one, two and three-bedroom units. However, the new owners are seeking to alter the DA.

"Whatever they do on that site it's going to have a major impact on the Coolum Beach Village Centre, which is in the heart of the town," Mr Robins said.