Settlement has been reached on a prime CBD site that will be transformed into a $95 million residential and retail tower as Caloundra rides the crest of a massive property wave.
The 6,167sqm development site comprises 13 adjoining lots between Bulcock Street and Omrah Avenue which will be turned into a lifestyle precinct called Verre Caloundra.
National interest is also flooding in for an entire three-level beachside building, the Caloundra City Centre, that has just been listed.
It comes as developers have recently announced a number of multimillion-dollar projects that will change the face of the town, including the $250 million Paloma Paloma and BIANCO Caloundra, a new residential complex.
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Henzells Commercial Manager Paul Bell said settlement had been reached with an undisclosed sum in the ‘multimillion-dollar’ range for the proposed site for Verre Caloundra.
The high-end precinct will include 39 luxury residential owner-occupier apartments above boutique retail and dining on street level, subject to council approval.
The complex will comprise 10 levels of residential living with a selection of two and three-bedroom apartments, penthouses and resort pool area to be completed in stage one.
Meanwhile, the newly listed Caloundra City Centre building at 51-55 Bulcock Street is attracting strong Brisbane and interstate interest.
Owned long-term by a local family, the property is being sold via an expressions of interest campaign closing on April 5.
“As one of the iconic buildings in town, with great tenants in place and a great location, we are expecting an excellent response,’’ Mr Bell said.
“Caloundra City Centre is a multi-tenanted, three level, commercial building strategically positioned in one of Queensland’s most popular tourist destinations.
“It offers a site area of 1,999sqm and a total net lettable area of 2,428sqm providing a secure investment in a sought-after growth area in South East Queensland.”
The property is currently generating a net income of $659,502.
The adjacent Centrepoint Marketplace retail centre at 50 Bulcock Street, with a net lettable area of 1,162sqm and fully leased net income of approximately $530,000, recently sold for $7.3 million.
“Given that Caloundra Centre is slightly larger, and the return is more, I would suspect the sellers would be expecting something upwards of that. We will see where it goes,’’ Mr Bell said.
