Yaroomba land earmarked for Sekisui House resort purchased by Victorian developers

A prime parcel of beachfront land at the centre of a long-running battle between developers and residents has sold on Queensland’s Sunshine Coast.

Victorian-based property developers purchased the 18.5-hectare site in Yaroomba for an undisclosed amount.

The ABC understands the sale figure was more than $100 million.

The land was previously owned by the Australian arm of Japanese developer Sekisui House.

Sekisui House planned to build a seven-storey, five-star resort, residential apartments and a retail complex.

The controversial project was approved by Sunshine Coast Council in 2018, despite more than 9,000 letters of community opposition, but the project never eventuated.

Real estate agent Michael Shadforth said the new owners, Dennis Family Corporation, had not revealed their intentions for the land.

“This was probably one of the premium blocks of land available in Australia, especially on the east coast,” Mr Shadforth said.

“Right on the waterfront, in a key location … this got us interest from overseas and interest by a lot of major developers.”

In a short statement, Dennis Family Corporation director Grant Dennis confirmed the company had purchased the land for an undisclosed sum.

“Yaroomba Beach presents an exciting opportunity to grow our portfolio in the region,” Mr Dennis said.

The company manages residential developments across Melbourne and South East Queensland.

Mr Shadforth said it was possible for the new owners to pursue a resort project, based on current development approvals.

“But it’s also very possible that they readdress it as a housing development solely,” the agent said.

“I don’t think the buyer will waste any time.

“They will get in and start to get their plans rolling in as soon as possible, but it will all be within the code or the current plan.”

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The Yaroomba land was advertised as an “unrivalled beachfront residential site”.(Supplied: Ray White Commercial)

Court battle continues

There has been a long-running, community-led campaign against Sekisui House‘s development plans for the land.

Those opposed are concerned about the scale of the project, proposed building heights and the impact on the environment.

In February last year, residents rejoiced after a successful Supreme Court appeal against the billion-dollar development.

The verdict meant the project was sent back to the Planning and Environment Court for a review.

But the celebrations were short-lived.

In June this year, the Planning and Environment Court dismissed the appeal against Sunshine Coast Council’s approval of the resort, paving the way for the development to proceed.

A second appeal against the approval has been launched, and will continue despite the sale of the property.

Lynette Saxton, a spokeswoman for the community group Development Watch, said they were unable to provide a detailed comment on the land sale due to the ongoing court proceedings.

“But we look forward to working with the new owners on any future plans for the site,” Ms Saxton said.

Article source: Queensland Property Investor