Bulcock St developments: High profile businesses, investors jump on ‘forgotten’ strip
Originally published by Sunshine Coast Daily by Matty Holdsworth
A fountain of wealth from well known Sunshine Coast families, Melbourne and Brisbane investors are behind a decade’s worth of change that’s been splashed into Caloundra.
A decade’s worth of change has gone on in Caloundra’s heart with several key sites selling to major developers for a combined total of more than $40m in less than two years.
Some of the sites have been sold to developers who have lodged plans with Sunshine Coast Council for projects worth more than half a billion dollars.
They include the $200m Sea Caloundra retail and hotel apartment complex, the $250m Paloma Paloma complex and the $95m Verre Caloundra dining, retail and residential apartment blocks.
Property records show the sale transactions totalled more than $40m.
CBRE Sunshine Coast managing director Rem Rafter said more key sales had been generated throughout the past 12-24 months than the previous decade combined.
Mr Rafter said the area had previously been “forgotten” with the focus on the more central parts of the region like Maroochydore, Coolum and Noosa.
“The dynamics are changing. Caloundra was a mass retirement destination but so much wealth has gone into it recently, it’s really going to flourish,” Mr Rafter said.
“All these new projects bring a new wave of buyers and it’s really changing the landscape for the better.”
Mr Rafter said given the population boom on the back of the Aura estate and Beerwah East project – he predicted the Caloundra centre would become the go-to destination for waves of new families.
Division 2 councillor Terry Landsberg said the investment was long overdue.
“It’s exciting to see this level of investment and the confidence they’re showing in the market,” Mr Landsberg said.
“We have needed that investment for many years.”
Mr Landsberg said projects like Verre and Sea Caloundra were “entry statements” that could bookend future investment opportunities.
He echoed Mr Rafter’s prediction that Caloundra would thrive on the population influx.
“Bulcock St’s weekend activation has been excellent, it’s always been busy but there’s been a take up of a lot of new retailers coming in, the markets are thriving too,” he said.
“We (Caloundra) are really being recognised as a part of the Sunshine Coast that people come to for experiences. That’s why we see so many returning families.”
The latest luxury apartment complex to be built on Bulcock St will feature 33 large units designed to appeal to owner occupiers.
Sunshine Coast building company RCQ Caloundra Pty Ltd forked out $3.5m for the prime site at the intersection of Bulcock St and Tay Ave.
The property formed part of the portfolio of veteran Caloundra grazier and businessman Graham McPherson.