Developer swoops on ex-Sizzler
Devcon Property Group has picked up the former Sizzler restaurant, in Maroochydore’s Cotton Tree, with plans to renovate and develop.
The 4178 square metre block, 41-43 Aerodrome Road, at the north west corner of Fifth Avenue, also exposed to Richards Street, set the Mooloolaba based group back $12 million following an off-market deal settled last month.
The improvement will be refurbished.
The balance of the block is set for a tower with the land able to accommodate 37.5 metres – or about 13 levels.
Colliers’ Nick Dowling and Baydn Dodds were the agents.
High rise plan for high profile site
Sizzler’s lease expired at 41-43 Aerodrome Rd in 2019 – two years after which the property was rented to Indian restaurant, Rashays, which shut in 2023.
The zoning allows for a variety of development outcomes including a hotel, office or essential services building, like medical complex or childcare centre.
Devcon is expected to deliver high-end residential.
“We’re excited about the possibilities this site, in one of the Sunshine Coast’s most iconic beachside communities, can offer,” managing director, Michael Kain, said.
“It’s location, ocean view potential and proximity to the Maroochydore CBD and beach make it an outstanding development prospect,” according to the executive.
Mr Dowling added the Sunshine Coast is one of three major markets nationally to record a recent increase in crane numbers.
“The combination of strong population growth, lifestyle appeal and infrastructure investment is driving demand for quality development opportunities,” he said.
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