2 Allora Drive in Maroochydore on the Sunshine Coast has been sold by a private owner to Reed Property Group for $2,050,000.
2 Allora Drive in Maroochydore on the Sunshine Coast has been sold by a private owner to Reed Property Group for $2,050,000, with the new owner having launched on the site, a 40-home, contemporary townhouse development called Locale, currently being marketed off the plan.
The 7,934sq m property was offered to the market by Savills Jason O’Meara and Scott Gardiner, in conjunction with Rem Rafter and Glen Grimish of CBRE.
Savills Sunshine Coast Director, Jason O’Meara said there was considerable interest in the site during the Expressions of Interest campaign.
“Medium density infill sites of this size in the immediate Maroochydore area are few and far between, particularly ones with an approval in place, so it came as no surprise the market response for 2 Allora Drive was very encouraging,” Mr O’Meara said.
“It’s an extremely rare site of just under two acres which had an existing Development Approval for 68 units. It also boasts an enviable central Sunshine Coast location, overlooking a tranquil man-made lake, and residing within three kilometres of Maroochydore CBD and regional shopping centre, Sunshine Plaza.
“It was this location that appealed to the buyer, as well as the site’s potential for a unique townhouse development.
“Reed Property Group has been proactive in utilising these features, launching the residential development, Locale, for which they have commenced marketing 40 townhomes off the plan. Since its release, Locale has received a strong response from the market, with 10 Lots now under contract and further expressions of interest received. RPG is planning to start construction in September with a May 2018 completion.”
Locale aims to provide affordable city living that embodies coastal style, and maximises convenience and liveability. The development offers a selection of two and three bedroom townhomes featuring contemporary and vibrant design, with the 137sq m, two bedroom townhomes including a multipurpose media room, and the 165sq m, three bedroom townhomes designed for segmented living.
CBRE Sunshine Coast Managing Director, Rem Rafter said it was an opportune time to launch a development of this nature in Maroochydore, with the Sunshine Coast currently in a rising cycle.
“The Sunshine Coast is in the midst of a major infrastructure boom that will drive the local economy for the next 10-20 years,” Mr Rafter said. “Some of these major projects include Suncentral Maroochydore, the development of the old Horton Park Golf Course, Oceanside Kawana, this includes the $1.8 billion Sunshine Coast Public Hospital, and the $350 million expansion of Sunshine Plaza, among others.”
“In addition to these infrastructure upgrades, the area currently has an influx of over 7,000 people per annum and working on 2.4 persons per household this will mean an additional 3,000 new residential properties will need to be created annually.”
2 Allora Drive’s most recent tenant Adventure Games Pty Ltd, who traded as Top Shots Fun Park, removed the existing improvements and remediated the land to a bare pad site following the expiry of their lease at the close of January 2017.