Why locals and interstate investors are looking to Sunshine Coast's Maroochydore for value and opportunity
Ever since the new Maroochydore CBD was gazetted back in 2015, locals and interstate investors have had their eyes on what is fast becoming the focal point of the Sunshine Coast.
The most prominent developer in the Maroochydore region for the last two decades has been Habitat Development Group, who have been developing and building apartments in the area since 2005.
They're currently building The Corso, only the second tower in the evolving Maroochdyore CBD, which is one of just a handful of greenfield CBD's in the world. The Sunshine Coast Council are building the CBD from scratch, and therefore are able to effectively create a city built with more modern technology than other cities across the world. They secured the former Horton Park Golf Course eight years ago and went about creating a new city.
In partnership with SunCentral Maroochydore and Walker Corporation, the new CBD, to be known as The Bright City, will home 160,000 sqm of commercial and retail space and 4,000 residential apartments when completed in the next 15 to 20 years.
It's drawn owner-occupiers, be it purchasers or renters, to the area, as well as interstate investors. Savvy Sydney investors have identified Maroochydore as an opportunity. They've made up around 50 per cent of the purchases in The Corso, which has 158 apartments across two towers on South Sea Islander Way.
Read more: Why Sydney investors are dominating in Maroochydore's The Corso development on the Sunshine Coast
The project, with 715 sqm of retail space on the ground floor, a 600 sqm communal terrace connecting the two towers and a resort-style swimming pool, is around 65 per cent sold.
The Corso comes after Habitat's Market Lane Residences, at the entrance to the new CBD on Mundoo Boulevard, which was completed early last year.
The Corso will bring much needed housing supply to the area. Maroochydore has been steadily gaining popularity over recent years, evident in census data from the Australian Bureau of Statistics. In 2016, 16,800 people called Maroochydore home, a number that has swelled to 20,629 in 2021.
Habitat made sure they contributed to driving the Sunshine Coast economy with The Corso. Around 380 people have been employed to help deliver the project.
“We have a commitment to supporting local trades in all our projects as much as we can," Habitat Managing Director Cleighton Clarke says.
"We were concerned the labour shortages might affect this project given its size. But despite the labour shortages in the construction sector, it’s been really exciting to see how many local trades are interested in being involved in this new CBD project. That means we’ll be able to resource the project without having to go outside the Sunshine Coast which is great news for the local economy."
The Corso is slated for completion in mid-2024.
