Strategic town centre sites go to the market

Development opportunity reflects the changing face of Sippy Downs town centre

AN opportunity to be part of the Sunshine Coast growth story has been presented with a strategic 8091sq m land parcel on two titles at Sippy Downs being offered for sale.

Located in the heart of the Sunshine Coast's business, employment and residential growth precinct, only 10 minutes to Mooloolaba's beaches and Maroochydore CBD.

The site, directly opposite the new free-standing Coles supermarket in Sippy Downs is being offered for sale by expressions of interest closing on Thursday, March 22, with Colliers International.

The offering represents an outstanding development opportunity in a key Sunshine Coast growth area, according to marketing agents Nick Dowling and Baydn Dodds.

Zoned as part of Sippy Downs Town Centre Core, the two lots are ripe for immediate development to cater for the demand of this growing precinct.

"The sites are ideally positioned within walking distance of a variety of services sure to appeal to buyers of finished units including Coles, Central Sippy Downs cafes/restaurants/medical as well as the University of the Sunshine Coast," Mr Dodds said.

"The Sippy Downs Town Centre is starting to take shape with the recent completion of Coles Sippy Downs and the Youi Insurance National Headquarters prompting increased interest in the precinct."

Lot 4 is a 2238sq m site with a 63m frontage to Central Drive. It currently has approval for a six-storey mixed use building with a commercial ground floor addressing Central Drive.

Lot 18 is 5854sq m of developable land approved for medium density development in three stages on proposed lots 5 - 7

The approval allows for: Lot 4: Ground floor commercial space of approximately 350sq m fronting Central Drive, 50 apartments (30 x 1 bed and 20 x 2 bed) across five levels.

Proposed Lot 5: 16 apartments (8 x 1 bed and 8 x 2 bed) across four levels.

Proposed Lot 6: 20 apartments (12 x 1 bed and 8 x 2 bed) across four levels.

Proposed Lot 7: 36 apartments (24 x 1 bed and 12 x 2 bed) across six levels.

Approved Lot 5 is 2389sq m, Lot 6 is 1358sq m and Lot 7 is 2107sq m. Lot 9 is an open space lot and generally follows the extent of the existing covenant.

Aged care and short-term accommodation are alternative development options that are identified as consistent land uses in this precinct.

There is also the possibility of seeking a revised approval for a Townhouse style development, subject to Council approval.

The holding is considered to provide superb amenity being walking distance to Coles supermarket, specialty retail, Ochre Health Clinic, the University of the Sunshine Coast, Youi Insurance's headquarters and local schools.

It provides easy access to the Bruce Highway and Maroochydore CBD while being located in a principal activity centre destined for huge population, employment and business growth.

Over the past 12 months the Sippy Downs housing market has experienced strong positive growth of 7.0%, with a median house price of $510,000, in Q4 2017.

Sale prices for two-bedroom units averaged $363,900/unit and three-bedroom units averaged $408,250/unit for the most recent projects.

Rental yields are currently 4.2% for houses and 5% for units, with a vacancy rate of 1.5%.

The University of The Sunshine Coast now accommodates more than 13,400 students and is growing both its student and staff numbers.

The recently completed Youi Insurance global headquarters is a 12,500sq m four-level office building is expected to accommodate up to 3000 staff members.

SIPPY DOWNS

Central Drive

What: 8091sq m development site over two lots

Features: Lot 4: 2237sq m approved for mixed use; Lot 18: 5854sq m developable land approved for medium density development in three stages

Price: Expressions of interest closing Thursday, March 22, at 4pm

Agent: Nick Dowling and Baydn Dodds at Colliers International

Contact: 0419 726 705, 0418 173 187

Originally published as Strategic town centre sites go to the market