Sunshine Coast’s luxurious Malumba Estate sells to Brisbane family for record price
A four-bedroom mansion described as one of the Sunshine Coast’s finest properties has sold, raising questions about a five-star resort planned for the site.
Business
Don't miss out on the headlines from Business. Followed categories will be added to My News.
The future of approved plans for a $100m five-star resort at Buderim’s Malumba Estate remain uncertain after the multimillion-dollar property sold to a Brisbane family.
The 4ha Box Street property with a four-bedroom Hamptons-style mansion was listed for $21m but its sale price was not released.
Next Property Group’s Melissa Schembri said the property sold to a Brisbane family for the highest recorded price for a residential home in the local government area.
She did not disclose who the new owners were, for privacy reasons, and would not comment on the resort proposal.
A sales campaign was launched in December last year and at the time Ms Meyer told the Daily she hoped to find a buyer keen to realise their dream of developing and opening the resort.
The Daily attempted to contact Ms Meyer for comment about the sale.
Ms Meyer and Mr Carroll had worked on plans for the Badderam resort project for more than six years.
The site had Sunshine Coast Council approval with 158 conditions for 111 hotel suites, restaurants, conference facilities, a wellness spa and a rail car to access cabins down the escarpment.
The council approved the proposal in April 2018 and gave Ms Meyer and Mr Carroll a two-year deadline to have an investor and a signed hotel management agreement.
In March 2020, councillors voted to extend the development approval by four years, against the advice of its own planning team and an independent hotel expert.
The project received 337 submissions – of which 292 were in support.
While it received support from the business community some residents questioned if the escarpment was a suitable site for a resort development of its size.
In December Ms Meyer said that they had finance from a Canadian firm, subject to due diligence, and were in discussions with several luxury resort operators.
Property records show the home previously sold in March 2014 for $2.3m.
Chalmers the stock picker makes a bad call
The Future Fund has thrived by having the independence to make its own financial calls. The Treasurer wants to trash this with his own risky bets.
Major blow for controversial Sunshine Coast housing development
A controversial housing development planned for a coastal flood plain has been slammed by planning officers, as the Sunshine Coast Council is set to deliver their decision on the project’s future.