SUNSHINE COAST BOOM ATTRACTS BRISBANE DEVELOPER

Written on the 27 September 2016

SUNSHINE COAST BOOM ATTRACTS BRISBANE DEVELOPER PROLIFIC Brisbane-based developer Mosaic Property Group has moved into the Sunshine Coast market as a result of booming investment in the region.

Its first purchase is a $1.375 million Kings Beach site on Canberra Terrace. Mosaic has lodged a development application for a 31-apartment complex on the site, which is perched high on a north east facing ridge on the street, and plans will be released to the market in October this year.

Mosaic Managing Director Brook Monahan (pictured) says the company is conducting due diligence on a number of other Sunshine Coast sites.

"We are developing a healthy workbook for release over the coming months and next year," he says.

"We have a sustainable and measured plan in place to deliver in-demand apartment product to the Sunshine Coast.

"The move is in keeping with our long-term development strategy and we will continue to have a strong presence in our core market of Brisbane's inner suburbs.

"Our Sunshine Coast operation will be a smaller version of what we do in Brisbane, reflecting the regional nature of that market."

Monahan says the decision to move into the region came after 18 months of investigation and is driven by strong economic and market indicators suggesting the Sunshine Coast's residential property cycle was entering the growth stage and that its economy was maturing.

"There have been some key changes in game changing projects and outlook for the Sunshine Coast," he says.

"The Sunshine Coast's GRP has doubled in the past decade and there is a long-term economic plan in place to attract major investment.

"There is a transition away from a heavy reliance on tourism and construction which will underpin more stable and sustainable economic and property cycles.

"We are seeing major infrastructure projects under way or planned across transport, health, education and city building to the tune of more than $18 billion.

"This level of infrastructure development is the catalyst for a significant boost to the population, which according to the ABS is growing at 2.3 per cent annually.

New projects on the Sunshine Coast include:
  • The $400 million airport upgrade;
  • Sun Central -  the city's new CBD in Maroochydore;
  • the $400 million Sunshine Plaza upgrade;
  • the $3 billion residential project at Palmview;
  • the $5 billion Stocklands Aura;
  • and the Sunshine Coast University Hospital at Kawana


Two of the founding directors, including Monahan, are based there, so they have a strong background in the region.

"In 20-odd years on the coast, we haven't seen this much private and government investment, from both the state and federal governments, that will result in long-term job creation," says Monahan.

"Honestly, I've never seen anything like this, it is a great period for the Sunny Coast."

Mosaic's building arm, Mosaic Construction, has already started making inroads on the Sunshine Coast after winning House of the Year for a stunning Maleny home at the 2016 Master Builders Sunshine Coast Housing and Construction Awards earlier this month.

The rural home, built by Mosaic Construction as the final stage of a 110 acre site masterplan, also won Best House Over $2 Million and Best Residential Kitchen.

Mosaic is a vertically-integrated boutique builder and developer, managing everything from the architecture to the sales and subsequent management of a completed building.

Its expansion to the Sunshine Coasts follows a buoyant 2016 financial year during which the company doubled its Brisbane workbook to more than $120 million.

The Paddington-based company averages around 12 developments each year, or 350 products mostly within 2-15kms of the Brisbane CBD.

Mosaic, which focuses on boutique apartments and town houses in affluent inner-ring suburbs, has begun rolling out at least five new projects across Brisbane.

 


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