Key development site listed at the gateway to Caloundras CBD
Key development site listed at the gateway to Caloundra's CBD
| 11 October 2019
Multiple neighbouring commercial properties lining the western end of Bulcock Street, Caloundra, at the gateway to the town’s thriving CBD, have been listed for sale.
The buildings occupy an area so significant that Sunshine Coast Council has designated it as a ‘key site’, allowing relaxed height restrictions and the potential to develop a major project to 40m (13 storeys), subject to the relevant planning approvals.
The Caloundra Centre Master Plan typically dictates a 25m height limit. However, if properties are amalgamated, and a developer proposes a minimum four-star hotel or a vertical retirement/aged care facility, buildings can be as high as 40m.
Rem Rafter and Brendan Robins of CBRE Sunshine Coast, are coordinating the sale of the Bulcock Street properties, which have a combined site area of 2,830sqm.
“It’s rare for an amalgamated holding of this size to become available, presenting an opportunity to develop a landmark building in one of the Sunshine Coast’s most popular beach suburbs,” Mr Rafter said. “Alternatively, the properties can be purchased separately, or in parcels of two or three.”
Spread across ten separate titles, the properties are situated at 130-140 Bulcock Street, on the main artery to Caloundra and offer frontages to both Bulcock Street and Maloja Avenue – part of the expanded ‘Coastal Connect Pathway’.
Each building is leased and returning significant rental income, offering ample car parking and development potential. Combined they provide a net lettable area of 1,373sqm and an annual net income of circa $342,000.
The properties are a short stroll from Bulcock Beach and a 15-minute walk from Kings Beach. They are also close to the Pelican Waters master planned community, where more than 2,750 home sites have been sold since 1989. Only a few kilometres away is Stockland’s rapidly-growing new suburb of Aura, where 50,000 people will eventually live in a $5 billion master-planned community.
The Queensland Government also recently confirmed that a 30-year lease on the adjacent Tripcony Hibiscus Caravan Park had been converted to freehold, paving the way for future development on the 3.8ha site, to the benefit of nearby residences and businesses.
“Caloundra has long been a much-loved holiday destination and is popular with visitors and residents for its lifestyle, beaches and natural beauty,” Mr Robins said. “The sale of 130-140 Bulcock Street presents an outstanding opportunity for an astute investor to own part of a rapidly developing area of the Sunshine Coast, where thousands of new residents are choosing to live”.
The Bulcock Street properties are being offered for sale through an Expressions of Interest campaign, closing on Thursday 14th November 2019 at 12 noon.
For Australian/international news or global stories, follow us on Twitter: @cbreaustralia
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.