High-profile developer launches bold bid for $95mprecinct

HIGH-PROFILE DEVELOPER LAUNCHES BOLD BID FOR $95M PRECINCT

A prime waterfront site in the heart of Caloundra has been earmarked to become a $95 million retail, dining and residential precinct.

Henzell Property Group is set to lodge its proposal with Sunshine Coast Council for a two-stage development in Caloundra.

The group recently acquired a 6000sq m site nestled between Bulcock Street and Omrah Avenue where it plans to create a "marquee" lifestyle destination.

The project, called Verre Caloundra, will combine high-end retail and dining on its street level with 39 residential owner-occupier apartments above.

Henzell Property Group sales director Marcus Muir said the company had been eyeing off the site for about 12 months and was determined to secure it.

Mr Muir said if approved, construction would start in June 2022 with the first stage expected to be completed towards the end of 2023.

He said plans would be lodged within four to six weeks.

"This is a marquee product which we feel will be embraced by the Caloundra community," Mr Muir said.

"We have had our eye on this property for some time, so what we have planned has been carefully considered."

Mr Muir said the development would combine luxury homes within an entertainment precinct that would attract high-end lifestyle operators from the Coast and across Queensland.

"We have already started discussions with a number of dining and retail operators and there are many more who have yet to move to the Coast as they have been waiting for the perfect location," he said.

"We have been speaking to a Brisbane operator who has a large presence in retail.

"We plan to have a laneway running through the site which will have a funky coffee shop and a high-end restaurant like in James Street in Brisbane."

The first stage of the development will comprise a boutique collection of 39 apartments over 10 levels that will boast exceptional views over Caloundra.

"We have chosen to release the most boutique offering to the market first to cater for exceptional demand for luxury residences by owner-occupiers," he said.

"Stage one will comprise a collection of two and three-bedroom residences along with a penthouse collection, resort style pool and tranquil pool side areas."

The site currently houses a motel and large vacant block of land, which Mr Muir said would be demolished as part of the project's second stage.

Henzell Property Group is also behind the $200 million development The Cove at Pelican Waters.