Further details have been revealed about the sale of a prime parcel of land that is the subject of plans for a 179-apartment development.
The 5289sqm site at 1-9 Bulcock Street and 45-47 Bombala Terrace in the heart of Caloundra’s CBD transacted for $19 million after attracting more than 210 inquiries and seven formal offers.
The site was sold to South-East Queensland-based developer Gardner Vaughan Group, which has already submitted plans for Eden Caloundra that include two apartment towers containing 179 units plus ground-floor commercial tenancies. It is understood the deal settled on April 30.
The site was previously earmarked for the $250 million Paloma Paloma development, one of the Coast’s most controversial resort projects in recent times.
Early registration for the project has already opened, with the local launch expected in September 2025. Construction is scheduled to commence in January 2026.
A national expressions of interest campaign led by Colliers Queensland residential director Brendan Hogan and special projects manager Baydn Dodds resulted in the sale of the site on behalf of a private South-East Queensland syndicate.
“The strong demand for housing and accommodation in the Sunshine Coast region drew intense interest from local and national developers,” Mr Hogan said.
“This was a particularly rare site as it is located in an established area close to beaches, shops, cafes and entertainment at the top end of Caloundra’s CBD but also offered an elevated site, offering potential ocean and mountain views.
“The opportunity to deliver a blend of resort-style accommodation, residential dwellings, as well as commercial and retail amenity presented a compelling vision for the area.”
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The property at the time of sale had previous development approval dating back to 2020 for a mixed-use precinct comprising 104 residential apartments, a 125-bed hotel and about 2976sqm of retail and commercial space.
Mr Dodds said Gardner Vaughan Group’s acquisition of the site built on its growing Sunshine Coast portfolio, which includes Zinc and Bask at Bokarina and Revive Oceanside at Birtinya.
“This transaction reflects the continued strength of the Sunshine Coast market and the high level of interest for premium development opportunities in lifestyle destinations such as Caloundra,” he said.
“Caloundra is renowned for its coastal charm, walkable amenity and strong tourism appeal, making it one of Queensland’s most supply-constrained and in-demand markets.
“The site is strategically positioned with sweeping views, exceptional amenity and the benefit of an existing approval that spans residential, tourism and commercial use making it an ideal addition to Gardner Vaughan Group’s pipeline.”
Colliers Queensland research manager Pragya Sharma said the Sunshine Coast was expected to grow by 237,900 people between 2021 and 2046, requiring about 89,800 new dwellings. This equates to about 3600 new homes needing to be delivered each year to accommodate the forecast annual population growth of more than 9500 people.
“The latest Sunshine Coast Market Overview outlines that the Sunshine Coast construction market is showing signs of renewed stability and confidence, with the latest RLB Crane Index highlighting the region’s development momentum,” she said.
“The Sunshine Coast is one of only three markets nationally to record an increase in crane numbers.
“The addition of new cranes signals that the project pipeline is beginning to build, particularly within the residential sector, which accounts for over 60 per cent of crane activity.”
