Walker Corporation has padded out its pipeline with an agreement to deliver $2.5 billion in development planned for the Maroochydore’s new CBD on the Sunshine Coast.
The landmark agreement between the Sunshine Coast Council, SunCentral and Walker Corp will see the Sydney-based developer capture the exclusive rights to market and develop the remaining land at the 53-hectare site.
The site, which was declared a priority development area by the Queensland government in 2013, has since been cleared with a number of developments under way.
The core commercial precinct in the city’s centre will include a number of commercial office buildings, retail space, apartment buildings, and a hotel, as well as a new waterway, parks and plazas,
The total redevelopment is projected to deliver upwards of 160,000sq m of commercial and retail space as well as 4,000 residential apartments over the next 15 to 20 years.
Walker Corp’s investment in the city centre will commence immediately and will likely be placed into a number of residential, commercial, retail, civic and community development projects.
The developer’s short to mid-term focus has been firmly on large commercial projects such as its $3.2 billion Parramatta Square precinct in Sydney’s West, along with completing 30,000 greenfield low-rise house-and-land developments across Australia, including in NSW and Victoria.
Under its newly-established development agreement, Walker Corp will have exclusive rights to market and develop most of the remaining land consistent with the delivery of the city centre vision.
“Our capital cities will continue to be the economic powerhouse of our country, but our regional CBDs will be where much of the future growth happens,” Walker Corporation executive chairman Lang Walker said.
“This is a once-in-a-generation transformational project for one of the fastest-growing areas in the country.”
SunCentral chairman Dr Doug McTaggart said Walker Corp had been selected following a rigorous assessment and review of the expressions-of-interest submissions.
“To secure a large tier-one development firm with broad capabilities and a very strong balance sheet, along with experience working in conjunction with all levels of government, is a great benefit for the Sunshine Coast region.
“They bring to the project significant resources, capital and long-term partnerships with major blue-chip companies,” McTaggart said.
The planned city centre will be supported by other major infrastructure projects, including the Sunshine Coast airport expansion as well as a number of city-wide public transport infrastructure initiatives.
The international submarine broadband cable network that provides the fastest internet connection to Asia from the east coas and supercharged data connectivity to Sydney is now also complete.
The city centre’s inaugural building, Foundation Place, is set to be completed in September, with construction of the Habitat Development Group’s $83 million Market Lane Residences now also under way.
The new city hall will include council chambers, retail spaces and office accommodation for about 600 council staff when complete in 2022.
The 10-level, 21,500-square-metre building has a five-star NABERS and Green Star rating target and will be a regional A-grade commercial building.
The masterplanned project is expected to create more than 15,000 jobs over the life of the 20-year project.