Stockland is banking $8.3 million from the sale of a permit-ready development site on the Sunshine Coast.
The 3977 square metre block, Lot 905 Bokarina Bouevard, Bokarina Beach, is being acquired by RGD Group.
It was not for public sale.
However when Colliers International agents approached Stockland suggesting a Select Offers to Purchase campaign – the vendor tested the market.
Stockland offered the site with a permit for a mixed-use complex containing 65 dwellings and 500 square metres of retail space (artist’s impression, top).
The sale price values every square metre of land at $2087.
“Bokarina Beach is the last significant oceanfront development site on the Sunshine Coast,” Baydn Dodds, Colliers International manager – special projects, said.
“Colliers International had received significant interest in the Bokarina Beach project owned by Stockland on the back of previous campaigns in the area.
“About 80 per cent of the targeted buyers responded [to the off-market campaign] by submitting offers which well exceeded our expectations. The result is representative of the current market view of premium oceanfront development sites”.
Stockland has sold most housing lots in the project, Mr Dodds said.
“Prominent local builder RGD secured the site and have plans to deliver a $70 million beachfront development comprising 56 large premium apartments with approximately 800sqm of retail.
It will brand the project Seanna Bokarina Beach.
The location offers uninterrupted ocean views from Caloundra to Noosa.
“Development sites with ocean views and easy access to the beach and cafes/restaurants have been in demand as developers seek to deliver premium apartments suitable for the active downsizer/retiree market,” Mr Dodds said.
“Interest in Sunshine Coast development sites continues to remain solid, with developers seeing the positive impacts from the volume of infrastructure projects underway, and planned projects including the Sunshine Coast Airport expansion, International submarine broadband cable, Sunshine Plaza expansion, Suncentral CBD development and Bruce Highway upgrades”.