Prime riverside land with approval for scores of residential and holiday units on offer

A large parcel of riverside land with development approval for 286 sites is for sale, via an expression of interest campaign.

A receiver’s sale is underway for what has been dubbed a land lease and tourist park development site at Diddillibah.

It’s approved for 143 residential land-lease community sites and 143 short-term sites, plus facilities, amenities and associated infrastructure.

The land is behind the Waterfront Hotel, Maroochy River Resort and Maroochy Waterfront Camp and Conference Centre.

An information memorandum for the property, from real estate agencies HTL Property and CBRE Sunshine Coast, said the 32.68ha site was on flat terrain and close to shopping, medical and recreational facilities.

It said it was approved for 286 dwelling units, including 123 two-bedroom units, 10 two-bedroom long-term duplex units (20 units in total), 92 one-bedroom short-term cabins and 51 short-term glamping tents.

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The site is just minutes from Maroochydore.

The information memorandum said the land was a unique offering to prospective buyers.

“The site presents an opportunity for a purchaser to capitalise on resurging tourism, a buoyant investment market, booming housing prices and strong demand for affordable housing and potential development profits,” it said.

“There simply isn’t a site of this scale, with such proximity to key infrastructure and amenities, available anywhere on the Sunshine Coast.”

The memorandum indicated that there was a trend, nationwide, towards accommodation sites that offered holiday and permanent home options.

“(The residential land-lease community industry) has transformed from a primarily holiday accommodation caravan park setting to an increasingly diversified mix of affordable permanent housing. The Sunshine Coast is a particularly attractive RLLC location,” it said.

“Active, mobile retirees have for many years chosen the region as a place to settle.”

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The land has potential for 143 residential sites and 143 short-term sites.

The development approval was originally approved in 2014, with several modifications made to the application conditions and plans since then.

The land was bought by Newport Lifestyle Resorts in 2017 and the owner last year engaged a contractor to start bulk earthworks, worth almost $14m, which are due to be finished within months.

But it’s now on offer as a receivership sale.

The site could be worth anywhere between $7.5m to $25m, according to the price search guide via Commercial Real Estate.

The EOI campaign ends on Friday, June 2.

Article source: Queensland Property Investor