A corner-block complex, with four residential units, three shops and a home-based business, will bring new shopping opportunities to Chancellor Park, one of the Sunshine Coast’s fastest growing areas.
The retail and residential block is situated on the corner of University Way and Peter Crosby Drive, a major gateway to the Harmony estate.
Marketing of the property, once the site of the sales office for the now-established Flame Tree Pocket estate, is being carried out by Todd McKee, of McGrath, who is excited about its potential.
“It’s very well located, close to the coast, with lots of traffic passing every day into and out of Harmony,” he said.
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“It has a wonderful outlook to bushland across the road, and it’s a long way from any other shops.”
Mr McKee said the property would appeal to entrepreneurs keen to operate their own retail business and live upstairs, to investors who might want to keep either the unit or shop and sell the other title, and to passive investors interested in rental income and capital gain.
“SOHOs (Small Offices/Home Offices) like this are great for retail investors who might want to get into commercial property for the first time,” he said.
The 1061sqm property has a 22m frontage to University Way, a 40m frontage to Peter Crosby Way and a 31m truncated frontage at the corner intersection.
The four two-storey residential units each have their own garage, along with a sitting area, courtyard and laundry on the ground floor. Upstairs are two or three bedrooms, kitchen, living area and a large balcony overlooking scenic bushland.
There is 130sqm of communal space. The three shops each have a purpose-designed shopfront and independent amenities.
The fourth unit will accommodate a home-based business, appropriate and sensitive to nearby homes and the overall character of the area.
Mr McKee said the development would lend itself to retail outlets such as a coffee shop, hairdresser, real estate agent, hot bread shop or small scale office.
He said there was sufficient car parking for residential tenants and retail customers.
“We would expect the shops would also attract a lot of people within walking distance,” Mr McKee said.
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The property, situated 3.5km from the Chancellor marketplace and 1.5km from the University of the Sunshine Coast, is being developed by Buderim-based RM Developments, whose director Josh Myers said the project would provide amenity and convenience to Sippy Downs residents.
“The development is meeting the needs of business owners seeking a more balanced lifestyle post COVID-19,” he said.
“It provides them the ability to work from home while having an A grade office or shop on a highly exposed corner site.”
Mr Myers said the surrounding area would continue to grow and the site offered excellent fundamentals over the long term.
“The Sunshine Coast is the entrepreneurial capital of Australia, based on the proportion of the workforce who operate their own business, so this is the type of product required to meet market needs,” he said.
Construction of the complex is likely to start in the spring, and be completed by mid-next year.