$11m sale paves way for major developments in Coast suburb
A GROUNDSWELL of development is continuing to gain momentum in the burgeoning Sippy Downs precinct.
Two large development sites in the area west of Mooloolaba have changed hands in recently settled deals totalling more than $11million.
The properties at 31 and 83 Sippy Downs Drive comprise vacant parcels of 4.65ha and 2.02ha and sold for $5.6million and $5.5million respectively.
"That part of the Sunshine Coast had been fairly dormant for some time post GFC," said CBRE's Rem Rafter, who negotiated the deals with colleague Brendan Robins.
"Then, all of a sudden we've see a few projects - including a four-stage residential unit development, insurance group Youi's new headquarters and a Coles-anchored retail complex.
"So the whole Sippy Downs town centre precinct opposite the university is starting to emerge."
"And it's set to go from what was an undeveloped area two years ago to being totally built out over the next five to seven years."
Sippy Downs is home to the University of the Sunshine Coast and a designated knowledge hub.
The property at 31 Sippy Downs Drive is a high-density residential development site with an eight-storey height limit.
It was secured in an off-market transaction by a local developer, who is planning a residential unit project over four stages.
The other site at 83 Sippy Downs Drive is zoned "major centre" - allowing retail, hotel, commercial and high density residential development - attracted a number of offers, including some major players in the South East Queensland property sector.
It is understood the yet to be disclosed buyer is a local "end-user" organisation.
Mr Robins said the deals reflected that the Sunshine Coast development sector was "in really good shape.''
"We haven't got any over-supply and while there's been good price growth it has been relatively steady by comparison with other localities.
"Population growth of 8000 to 10,000 people coming here every year is also a big factor and while it continues it presents a lot of opportunities."
Mr Rafter said several major infrastructure projects also had been a game-changer for the growing Sunshine Coast market.