The proposed $350 million expansion of Sunshine Coast Airport heads a list of developments set to draw commercial property buyers to the area in droves, CBRE says.
The airport’s privatisation, the new Maroochydore City Centre, the completion of Sunshine Coast Public University and the construction of 20,000 new homes south of Caloundra are among the projects that could help the region become Queensland’s next target for investors, according to a CBRE Viewpoint.
Calls for community submissions on the airport’s redevelopment closed late last year, after expansion plans were tabled that include a new 2.4km runway capable of accommodating A330, B787 and B777 aircraft.
CBRE managing director Rem Rafter says the airport, which currently flies around 900,000 passengers each year, would become the key plank in the region’s potential growth if it were to be privatised and expanded.
Such an increase in capacity, including greater scope for international flights, would significantly benefit the Sunshine Coast’s tourism industry
“Of the four major projects which could drive this region forward, the airport expansion has the most potential to attract visitors,” Rafter says.
“Although the airport has an excellent management team, it is hard to see a project of this scale being driven by a regional council.”
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CBRE research manager Craig Godber says a larger airport will be crucial for the Sunshine Coast’s future growth.
“Such an increase in capacity, including greater scope for international flights, would significantly benefit the Sunshine Coast’s tourism industry,” Godber says.
These key projects will redefine the Sunshine Coast’s property landscape, presenting new opportunities that will attract both interstate and offshore investors
Elsewhere, the soon to be completed Sunshine Coast Public University Hospital is being touted as an important component of the region’s future, with significant opportunities for the commercial sector.
It will encompass other associated health facilities, an 80-bed hotel, childcare, retail outlets and a gym.
Meanwhile, the area formerly known as Caloundra South, to be renamed Aura, will bring 20,000 homes and an additional 50,000 residents to the region over the next 30 years.
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And the Maroochydore City Centre Priority Development Area will bring 75,000sqm of retail, 165,000sqm of commercial space and around 2000 residential dwellings to one of
Queensland’s most popular tourism zones.
Of the four major projects which could drive this region forward, the airport expansion has the most potential to attract visitors
Rafter says the four major projects will provide a lasting legacy and future-proof the region’s financial future.
“While some areas of Queensland have been impacted by the mining investment downturn, the Sunshine Coast has a diverse economy that supports strong employment levels and subsequent population growth,” he says.
“These key projects will redefine the Sunshine Coast’s property landscape, presenting new opportunities that will attract both interstate and offshore investors.”
“The Sunshine Coast is one of Queensland’s fastest evolving regions, with new developments such as the airport expansion and new Sunshine Coast Public University Hospital attracting more people and investment opportunities.”