A commercial development site in the heart of the growing Sippy Downs Town Centre precinct on the Sunshine Coast is starting to take shape, with civil works underway, and growing buyer interest.
Developers are being urged to register their interest quickly for the remaining available land in the Novus Innovation Park, situated within the Sippy Downs Town Centre and directly adjacent to the University of the Sunshine Coast (USC) campus, with one of the three lots on offer already sold to an unconditional buyer.
The sale, negotiated by Baydn Dodds and Nick Dowling of Colliers International, saw a 7,715 sq m lot in the development snapped up by an Aged Care provider, who plan to build an aged care facility on the site.
“The site sold for $400 per sqm metre which represented a sale of $3.086 million. That’s a great result for the vendor and we expect strong demand for the remaining two lots which are 7,847sq m and 8,680sq m,” Mr Dodds said.
Situated within the Sippy Downs Town Centre business and technology sub-precinct zoning, the potential uses for the remaining development sites located within the Novus Innovation Park include commercial offices, research and technology industry, fast food, convenience retail, student accommodation and medical.
Mr Dodds said a mixed-use development was a possible option for the land, with potential components including residential accommodation, student accommodation, a tavern, service-based businesses, hi-tech industry and fast food outlets.
“Sippy Downs is one of the fastest growing areas on the Sunshine Coast and this site is situated directly adjacent to the USC Sippy Downs campus – one of the fastest growing universities in Australia with student enrolments projected to increase from the current 12,000 students to 20,000 by the year 2020.”
“All of this is bringing more people into Sippy Downs and creates more demand for greater amenity and residential accommodation, particularly student accommodation,” he said.
The Sippy Downs Town Centre is also quickly taking shape with the adjacent Coles shopping centre well under construction and due to open in early 2017 while major infrastructure projects such as the new $2 billion Sunshine Coast University Hospital, which will open in mid 2017, is just a short drive away.
“Another big boon for the area is the decision by insurer Youi to build its new global headquarters -costing up to $100 million – with the first stage due for completion next year, and the new $60 million GP Super Clinic operated by Ochre Health is already operational.”
Mr Dowling said the area is master planned as a ‘university town’ after being designated as a ‘Knowledge Hub’ in the Queensland Government’s South East Queensland Infrastructure Plan.
“There is a current shortage of student accommodation on the Sunshine Coast, which is only predicted to worsen as demand rises. The Novus Innovation Park’s location right next to the USC campus provides a prime opportunity for a developer to meet the demand for quality student accommodation.”
JFP Urban Consultants Associate Director of Planning and Urban Design Graeme Bews said that while the planning scheme for the development sites in the Novus Innovation Park sets a maximum limit of 500sq m for ‘shops’, food related offerings – including drive-through – and service-based business don’t fall under this definition.
“This opens up the possibilities for developers including those wanting to create a mixed use development within the emerging town centre,” he said. “While Sippy Downs is close to the major hubs of Mooloolaba and Maroochydore, and all the amenity in those area, there is still a need for the provision of amenity in the immediate area to cater for the growing population of residents, employees and students.”
Mr Dodds said given the diverse development possibilities within the Novus Innovation Park it was likely the remaining two sites would be sold in the near future.
“We are fielding buyer enquiries every day, and as the current developments underway in Sippy Downs come to life we know demand will only grow, with the potential of the area becoming more tangible,” he said.
“Civil works for the roads and services for the three lots in the Novus Innovation Park and will likely be finished by November, so development can kick off from there,” he said.
For further information contact Baydn Dodds at Colliers International on 0418 173 187 or Nick Dowling on 0419 726 705.