Japanese buy 50% of Hyatt

A LEADING Japanese development company has taken over a residential project at Hyatt Coolum and bought a 50% interest in the resort.

The map shows the master plan for the Hyatt Coolum, with most of the new development planned for Beachside.

A LEADING Japanese development company has taken over a residential project at Hyatt Coolum and bought a 50% interest in the resort.

Sekisui House has announced it will take control of the residential project and accelerate the building of 448 new houses, apartments and terraces at Hyatt Coolum.

Lend Lease, the company that originally owned all of Hyatt Coolum, will still have a 50% share in the resort and manage the residential development.

David Hutton, head of development at Lend Lease, said there would be no changes to the operation of the resort or its brand.

The development of a new Hyatt residential community was controversial when it was approved by Maroochydore Shire Council in 2006 and attracted more than 3500 objections.

Under the plan, 448 new dwellings will be built on a 150ha patch of Hyatt land, most of which is near the beach at Coolum.

Sekisui will take control of the land and start design work on individual housing in the coming months.

Mr Hutton expected construction to start by March next year and said there would be no changes to the approved master plan.

The development will include a range of different housing types including freestanding homes, terraces and apartments.

The majority will be low and medium density housing with some areas planned to be high density.

Once the proposed 448 new dwellings are completed, Mr Hutton said there would be an injection of more than 1000 people into Coolum.

Sekisui House is one of Japan's leading house builders, which Mr Hutton said was known for its “quality designed homes” and sustainable living approach.

He said the development would focus on quality homes and landscaping that would be environmentally friendly.

“There will be a range of pricing. It is very much quality housing,” Mr Hutton said.

“The Hyatt is a quality resort. It is a quality development and very much focused on respecting the environment it sits in. It won't be cheap housing.”

Mr Hutton said Sekisui's investment in Hyatt was “a real vote of confidence” for the Coast and especially in the future of the Coolum community.

Hyatt Regency Resort employs more than 600 staff.

HYATT STATS

New Hyatt Coolum residential development

• 448 new dwellings
• Projected population of more than 1000 people
• Majority on beachside land

Existing Hyatt Regency Resort

• 324 rooms, including 156 studio rooms, 144 president villas and 24 ambassador villas
• An 18-hole championship golf course that hosts an annual PGA tournament
• 629 staff, including full time, part time and casual
• 150ha of land, including 110ha for the Hyatt Regency Resort and 40ha of residential land

Originally published as Japanese buy 50% of Hyatt