A CBD site spanning 1.24 hectares spread across 20 lots is being offered for sale.
The land parcel is bordered by First Avenue, Mayes Avenue, Oval Avenue and Second Avenue directly opposite the Caloundra Shopping Centre.
It currently accommodates 21 dwellings and produces an estimated gross income of $465,000 a year.
Colliers special projects manager Baydn Dodds said development opportunities of this size in such a high-profile location were unusual.
“It’s exceptionally rare to find a site of this size and scale in a long-term established Caloundra CBD location,” he said.
The property is zoned Major Centre under the Sunshine Coast Planning Scheme, enabling a wide range of potential outcomes including residential apartments, hotel accommodation, offices, retail and more.
The current height allowance is 15 metres, with the draft planning scheme proposing up to 18 metres. A submission lodged by the current owners has sought further approval for up to 25 metres, or seven storeys.
Mr Dodds said the flexibility of the zoning had been a major drawcard for a broad cross-section of potential purchasers.
“There’s been a wide range of buyer-type interest to date across a number of different market sectors, based on the extensive list of potential uses inherent within the Major Centre zoning,” he said.
“Interest has come from local, South-East Queensland and interstate developers.”
Inquiry has been strong since the campaign launched.
“We’ve received over 80 inquiries to date with close to 30 per cent of these actively reviewing data on the site, indicating a promising level of market engagement,” he said.
The site’s substantial rental income is also proving attractive.
“Sites with holding income have appeal for developers as they provide an income while designs, approvals and pre-sales are obtained,” Mr Dodds said.
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He said the 20 separate titles could be purchased in full or as selected combinations.
“The potential to purchase smaller portions via combinations of the 20 land parcels increases the buyer depth for the site, allowing a range of small, middle to larger developers the opportunity to deliver an outcome suitable to their development model,” he said.
Mr Dodds said Caloundra was in the midst of a major wave of public and private investment, adding to the appeal of the property.
“Caloundra is in the early stages of significant renewal with considerable private sector investment proposed across a number of CBD sites. Coupled with proposed public sector investment in the form of the Caloundra Centre Activation Project, new train station and improved vehicular access into the CBD, there are many reasons why developers are showing strong interest in this offering,” he said.
The property is being offered for sale via expressions of interest closing on December 11.
