Prime Maroochydore development site hits the market
A prime Maroochydore development site has hit the market, equipped with approvals to build a 56-unit tower, after the developer was unable to deliver the project.
Sunshine Coast
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A prime Maroochydore development site has hit the market, equipped with approvals to build a 56-unit complex, after the original developer was unable to deliver the project.
Developer, The Duck and The Dog Pty Ltd, first submitted plans for the large-scale unit tower to the Sunshine Coast Council in 2016 and were granted approval later that year.
The development plans for the site at three and five Mungar St, Maroochydore included a seven-storey unit block, which would include a total of 56 units and ground-floor office space.
There are currently two rented homes on the site, which would be demolished to make way for the development.
According to an application to extend the development approval by a further two years, the current developer was unable to begin construction on the project for “various reasons”.
“The applicant has not been in a position to action the approval to date for various reasons and the development site is currently being marketed for sale,” the report stated.
“The granting of an extension to the currency period will provide an immediate avenue for the prospective buyer to move forward with related operational works applications commence delivery of the approved development outcome on the site.”
The initial planning report described the development as combining both residential and commercial uses.
“The proposed multiple dwellings and commercial office component is considered a consistent use within the emerging Plaza Parade Precinct, which encourages residential uses located above the ground storey and active commercial uses at ground level,” the report stated.
Property data shows both blocks last sold in 1999, three Mungar St sold for $328,000 in September and five Mungar St sold for $280,000 in August.
According to the property’s sale listing expressions of interest closed earlier this month, however real estate agent Baydn Dodds confirmed the blocks were yet to settle.
The listing described the site as a “significant development opportunity” within the highly sought-after and fast-growing Sunshine Coast region.
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