A Sunshine Coast-based property developer has acquired a high-profile former restaurant site for $12 million, unlocking the potential for a 37.5-metre-high mixed-use project.
The 4178sqm site at 41-43 Aerodrome Road, Maroochydore – well known as the former home to one of Australia’s last Sizzler restaurants – was sold to Devcon Property Group via an off-market expressions of interest campaign.
Colliers Sunshine Coast managing director Nick Dowling and special projects manager Baydn Dodds said they received multiple offers for the property, which was sold on behalf of private owners.
Zoning for the site supports a wide range of potential uses including multiple dwellings, a resort complex, hotel, retail, offices, healthcare and food and beverage, subject to council approval. It has a maximum build height of 37.5 metres under the current planning scheme, and potentially 41 metres under the proposed new planning scheme.
Devcon Property Group managing director Michael Kain said the acquisition was a strategic move, with no redevelopment plans yet confirmed.
“We’re excited about the possibilities this site, in one of the Sunshine Coast’s most iconic beachside communities, offers for a broad range of development outcomes,” he said.
“Its location, ocean-view potential and proximity to the Maroochydore CBD and beach make it an outstanding development prospect.
“Our plans are to refurbish the existing building and then review development options for the remainder of the site.”
Mr Dodds said the sale reflected the ongoing strength of the Sunshine Coast’s development site market, particularly for projects capable of achieving water views.
“Sites of this scale, in walkable beachside locations with ocean views, are tightly held and continue to attract significant interest from both local and national developers,” he said.
“Holding a prominent position as the former home to one of Australia’s last Sizzler restaurants and more recently occupied by Rashays, the prime site is located just 150m from Maroochydore Beach.
“With stunning ocean-view potential, located in one of the Sunshine Coast’s best-known iconic beachside communities, within steps of shops, cafes and the beach, it is no surprise that there was strong interest in the site.”
Mr Dowling said the transaction reinforced the Sunshine Coast’s status as one of Australia’s most active development markets.
“The combination of strong population growth, lifestyle appeal and infrastructure investment is driving demand for quality development opportunities,” he said.
“The Sunshine Coast is one of only three markets nationally to record an increase in crane numbers, reflecting the strength of the region’s construction pipeline.
“Opportunities like this are rare and continue to generate strong buyer interest in the region.”
Auction results
489 Old Caloundra Road, Glenview
- Passed In at $900K Contact Agent
- Land, Ray White (Nambour), Matt O’Grady and Alisha Broadstock
19 Allambie Street, Maroochydore
- Sold Under the Hammer for $1,521,000
- 4 Bed, 2 Bath, 2 Car, Ray White (Maroochydore), Jason Mills
1/8 Archie Street, Nambour
- Sold Under the Hammer for $763,500
- 3 Bed, 2 Bath, 2 Car, Ray White (Maroochydore), Ari Whisson
3 Barwon Crescent, Sippy Downs
- Sold Under the Hammer for $945,000.00
- 4 Bed, 2 Bath, 2 Car, Ray White (Buderim), Gregory Ward and Teale Ring
631 Nicklin Way, Wurtulla
- Passed in at $950,000 – On Market for offers over $1M
- 4 Bed, 2 Bath, 2 Car, Ray White (Kawana), Ryan Cramer
5 Hillsborough Circuit, Mountain Creek
- Passed in at $1M Contact Agent
- 4 Bed, 2 Bath, 2 Car, Ray White (Mooloolaba), Michael Chapman
2307/42 Lowanna Drive, Buddina
- On market for $949K
- 2 Bed, 2 Bath, 1 Car, Ray White (Maroochydore), Reuben Park and Emma Gray
202/98 Alexandra Parade, Alexandra Headland
- Sold Prior for $1,021,000
- 2 Bed, 2 Bath, 1 Car, Ray White (Maroochydore), Pam Thomas and Lottie Gunter
11/25 The Esplanade, Maroochydore
- Sold Under the Hammer for $1,900M
- 2 Bed, 2 Bath, 2 Car, Ray White (Maroochydore), Ari Whisson
8/71-73 Duporth Avenue, Maroochydore
- Sold Under the Hammer for $1,800M
- 3 Bed, 2 Bath, 2 Car, Ray White (Maroochydore), Jason Mills
30/81 Birtinya Boulevard, Birtinya
- Sold Under the Hammer for $740,000
- 1 Bed, 1 Bath, 2 Car, Ray White (Kawana), Justin Wijaya
4/51 Anzac Avenue, Maroochydore
- Sold Prior for $550,000.00
- 2 Bed, 1 Bath, 1 Car, Ray White (Maroochydore), Hayden Kehoe
9 Ridge Road and 62 School Road, Maroochydore
- Sold Under the Hammer for $1,080,000
- 3 Bed, 1 Bath, 2 Car, Define Property Agents, Ross Cattle and Katie Davies, 0410 625 758 / 0427 268 780
12 Tolman Court, Maroochydore
- Sold Under the for $1,020,000
- Land, Define Property Agents, Ross Cattle and Katie Davies, 0410 625 758 / 0427 268 780
32 Ridge Road, Maroochydore
- Sold Under the Hammer for $1,020,000
- 3 Bed, 1 Bath, 1 Car, Define Property Agents, Ross Cattle and Katie Davies, 0410 625 758 / 0427 268 780
23 Icarus Court, Buderim
- Passed in, Contact Agent
- 3 Bed, 2 Bath, 2 Car, Pool, Define Property Agents, Ross Cattle and Katie Davies, 0410 625 758 / 0427 268 780
15 April Court, Maroochydore
- Contact Agent
- 4 Bed, 2 Bath, 2 Car, Next Property Agents, Kathleen Hogan and Courtney Paterson, 0472 980 707 / 0488 764 785
