A 4.19ha golf driving range has hit the block on the Sunshine Coast and could help ease land supply pressures in the region.
The greenfield opportunity at Sippy Downs in the Sunshine Coast’s education hub precinct is about 1km from the University of the Sunshine Coast and expected to fetch about $7.5 million.
CBRE Sunshine Coast managing director Rem Rafter said large-scale greenfield development sites were rare in the booming suburb.
“Thousands of residents have settled in Sippy Downs, keen to live close to the education facilities and take up employment opportunities provided by the area’s remarkable growth,” Rafter said
The site’s proximity to the business and retail centre, and education hub allows for high density accommodation under the Sippy Downs Local Area Plan.
It permits building heights of up to 25m, catering to short-term accommodation, apartments or townhouses.
▲ The Chancellor Park Driving Range at Sippy Downs is on the market. Image: CBRE
The Sunshine Coast has experienced a surge in demand for property during the past 12 months with house prices increasing 10 per cent during the period, according to Corelogic’s Regional Market Update.
Last quarter the median house price on the Sunshine Coast was $714,952, while the median price for units was $506,106.
The Sunshine Coast Council is undertaking public consultation as part of its development of a Sunshine Coast Planning Scheme expected to be delivered in 2024.
The plan is expected to go some way to address the high demand for greenfield development sites.
The South-East Queensland Regional Plan requires each council across the southeast corner to have a minimum of four years’ supply of housing land to accommodate a forecast annual increase of 75,000 residents.
The Sunshine Coast reportedly has 2.2 years of land supply. It is estimated a further 87,000 more dwellings will be needed on the Sunshine Coast by 2041.
The site is for sale by expressions of interest, closing May 5.
Article Source: theurbandeveloper.com
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