Malumba Estate, site of five-star resort development at Buderim, for sale for $21 million

A multimillion-dollar price tag has been placed on a luxurious Sunshine Coast property that is also the site for an approved five-star resort.

A luxurious Hamptons estate set on a site slated for a five-star resort has hit the market for $21m.

The price was listed for 24 Box Street after a tender process in late 2020 was launched in a bid to find a buyer who was also keen to take on the Badderam resort development.

Listing agent Matt Diesel said two potential buyers were interested in the property set on a Buderim escarpment.

He said a contract was close to being signed following the expressions of interest campaign, however negotiations were still continuing.

Mr Diesel said both parties were interested in “different variations” of the development.

“Both parties are interested in the development potential at the site,” McGrath Buderim’s Mr Diesel said.

“They’re interested in the site and realising that dream.”

According to property records, it last sold in March 2014 for $2.3m to owners Heidi Meyer and Kim Carroll who have since gained the development approval.

The Coast couple rents out the site’s current four-bedroom home, Malumba Estate, for holidays, events, filming and photo shoots.

Mr Diesel said it was a unique property however the associated development made it “not a straightforward sale”.

Malumba Estate, which is also the site of the approved Badderam resort, is on the market for $21m.

He said the sale price made the process more transparent and could attract another potential buyer.

The Box Street site has Sunshine Coast Council approval for 111 hotel suites, restaurants, conference facilities, a wellness spa and a rail car to access cabins down the escarpment.

Concerns have previously been raised about its limited development zoning, landslip risks, cuts into the escarpment and building heights.

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.

Heidi Meyer and Kim Carroll are selling their four-hectare Buderim mountain property, including Malumba Estate. The site has an approved development application for Badderam resort.

The council’s approval included 158 conditions including to manage the risk of landslips.

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.

Eight councillors voted in favour of the extension but former deputy mayor Tim Dwyer, divisional councillor Ted Hungerford and councillor Peter Cox voted against it.

In December, Ms Meyer told the Daily that they had gained finance from a Canadian firm, subject to due diligence, and were in discussions with several luxury resort operators.