‘Full of potential’: rare tourism or residential development opportunity hits market

An extensive resort-style hinterland site that’s “full of potential” and promises to fill an accommodation gap in the area has hit the market.

Spanning 6849sqm at Eerwah Vale, near Eumundi, the site comes with a pre-existing DA approval for The Meadow – a tourist or residential accommodation concept.

The proposal encompasses 36 resort-style units, a manager’s residence and a wellness centre on separate titles.

The layout and design by Blackwood Architecture includes “a high-end architectural design with stone render with deep recessed eaves and timber balconies set within a well landscaped setting”.

[TAG0]

An artist impression of The Meadow. Picture: Blackwood Architecture

The 36 mostly one-bedroom units would be spread over three blocks and two levels, including ground-level courtyard access to the north as well as first-level balcony access.

It also includes a two-bedroom caretaker’s unit and reception area, and is surrounded by a significant open space as well as landscaping that includes a large communal pool and gym.

It also boasts 50 car parking spaces and a total gross floor area of 1342sqm.

Forde Property sales partner Jessie Allen said potential buyers could explore tourist or residential accommodation options, meaning they could develop and sell the total 38 saleable titles off the plan, or build and retain it as a rental income model.

She said there was also an alternate approval for 36-room resort or motel with two other titles.

“There is very limited accommodation in the Noosa hinterland and strong demand is evident from investors and occupiers for affordable resort units,” she said.

[TAG1]

The development site is located just out of Eumundi.

“This is supported by the huge success of other tourist accommodation complexes like Ivory Palms, South Pacific, Peppers and the Islander.

“The current demand is also sky-rocketing for workers’ accommodation and tourism.”

Once built, she said the development would fill a gap for accommodation options around that area.

“It’s quite an interesting development,” she said.

“Its purpose is to create some new exciting accommodation at Eumundi, as there is obviously not a lot around that area.

“There is a bit of a need for it and there is there’s nothing else like it around – not even at Cooroy. There is only that one little hotel down that way.

“The Noosa region and the Sunshine Coast as a whole is still booming and we are not seeing a slowdown for accommodation or tourism.

“It’s a perfect location for people to lob in for a one-night stay or to live.

“They can quickly drive into town and the markets are right there – it’s full of potential really.”

While the Sunshine Coast Council originally approved The Meadow proposal in 2021, the owners (Noosa Shire Developments) and planners (Pivotal Perspective) recently lodged a minor change to the development to remove an additional restaurant from the plans.

[TAG2]

Design plans of the ground floor. Picture: Blackwood Architecture

Ms Allen said the inclusion of a restaurant in a development was in line with an older model of hotels.

“We decided – especially around Noosa – that it doesn’t really work anymore, because we were finding it a bit hard to lease out restaurants separately,” she said.

“The caretaker’s residence is necessary though and everyone loves a gym when they go on holidays.”

She said the interstate owners put the site on the market to gauge interest, to either develop it themselves or to “flick it on”.

[TAG3]

An artist impression of a bedroom at The Meadow.

“The idea is to do separate titles and actually sell it off to investors, similar to what Australis did, or sell it off as one whole group,” she said.

While the site had been only sitting on the market for about a month, she said there was already quite a bit of interest from developers.

“We are looking at getting building quotes for the developers so they can get an idea, but it will depend on availability … there is a lot of people who are unavailable for building at the moment,” she said.

“It’s about getting someone who can get in there and do it.

[TAG4]

Artist impression of The Meadow. Picture: Blackwood Architecture.

“If developers build it themselves they would probably be more interested in selling them individually rather than a package.

“It doesn’t need to be a strata until the decision’s made, so you don’t have to keep it as one and you don’t have to be paying 36 lots of rates. That would keep the costs down and make it more manageable, but if you wanted to sell it off it would be individually titled.”

She said the price point could not be revealed and would stay as an expression of interest campaign.

The Meadow is at 213 Memorial Drive, Eerwah Vale, with EOI closing on April 30. Contact Forde Property for further information.

Article source: Queensland Property Investor