$250m Paloma Paloma site on Bulcock Beach in Caloundra up for sale
The hunt continues for a buyer for the controversial bright orange Paloma Paloma site in Caloundra with interest in the sale coming from several parties.
Sunshine Coast
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The hunt continues for a buyer for a controversial bright orange building and land parcel in Caloundra that was supposed to become a world-class resort and residential hub.
Mystery had shrouded the future of the $250m Paloma Paloma proposed development when an extension date to provide additional information to the Sunshine Coast Council passed in May.
Initial plans showed Cura Habitats’ development on Bulcock St and Bombala Tce would have featured two high-end towers, one for short-term accommodation and another for permanent residents, as well as a dining and shopping precinct.
Colliers special projects manager Baydn Dodds said the Paloma Paloma application had since been withdrawn from the Sunshine Coast Council.
But an underlying development approval still lies over the 5289 square metre site.
Mr Dodds said agents were “fielding strong levels of interest” since an expressions of interest campaign had opened a couple of weeks ago.
The special projects manager said most of the interest in the site was coming from Sunshine Coast and national developers but agents had also talked to international parties.
“Caloundra’s recent award as the state’s top tourist destination provides additional support for the hotel component of the project,” Mr Dodds said.
Mr Dodds said the development application still current for the land was for a mixed-use project of apartments, hotel and retail, food and medical at up to 40m high.
“The elevated parcel has stunning ocean and Glasshouse Mountain views and is surrounded by considerable walkable amenity, presenting opportunity for developers to deliver a project which will be highly sought after by the market,” he said.
Caloundra resident Gayle Murphy called the bright orange neon painted buildings an “eyesore” in February this year.
The development also employed strong marketing tactics when billboards advertising Paloma Paloma appeared in Melbourne and stated “not Noosa”.
Cura Habitas has been contacted for comment.
The expressions of interest campaign closes on July 20.
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