Developer doubles money on Sunshine Coast block
Henzell Property has sold a waterfront Sunshine Coast development site after four and a half years.
The local builder has more than doubled its outlay – just – collecting $17 million from another developer, for 133-143 (known as 139) Bulcock Street and 70-76 Omrah Avenue, Caloundra – a 6813 square metre amalgamation.
It paid $8.25m in May, 2021 later obtaining a permit for a residential based mixed use complex (artist’s impression, top).
With two 10 storey towers over level retail and dining and a five floor medical centre and office, the proposal was branded Verre, with a c$95m end value.
Henzell flips site
Henzell, which turns 90 this year, has been deriving rent from part of the Caloundra property occupied by the Suncourt Motel.
This is presently $200,000 annually.
The permit allows for the immediate construction of 70 dwellings.
The medical centre/office would face Omrah Ave.
Prior to offering the property for sale, Henzell applied to replace it with 126 dwellings in towers up to 45 metres or c15 levels.
Colliers’ Baydn Dodds and Mark Wollin were the agents.
The site is walking distance to the town’s retail, dining and leisure amenity and future Caloundra train station, which will connect to Brisbane’s CBD, they said.
Any redevelopment would capture views of the ocean, Pumicestone Passage and Glasshouse Mountains, they added.
Caloundra is about 20 kilometres south of Maroochydore.
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