Developer secures $33 million plus Noosa jewel

QUEENSLAND developer Resort Corp has extended its development portfolio to Noosa after snapping up what it believes is one of the last greenfield development sites close to Hastings Street and the tourism hub.

Developer secures $33 million plus Noosa jewel for five-star $210 million residential resort

QUEENSLAND developer Resort Corp has extended its development portfolio to Noosa after snapping up what it believes is one of the last greenfield development sites close to Hastings Street and the tourism hub Noosa Sanctuary.

It has paid more than $33 million for the 15ha site adjacent to the Weyba River at 94 Noosa Drive.

The purchase brings its current active Queensland coastal resort collection to almost $1.4 billion in value, with two $500 million-plus projects in the Whitsundays and Townsville, and a $135 million Santai resort at Airlie Beach.

The Noosa Sanctuary property is just two minutes away from famed Hastings Street’s fashion and culinary precinct and only 500 metres from Noosa’s new “Eat Street” on Gympie Terrace.

Noosa Sanctuary comes with an existing development approval which Resort Corp has modified. It is now in the early stages of planning for a five-star, $210 million integrated residential resort to be built over three stages.

Resort Corp joint managing director Paul Brinsmead said that the property was a unique acquisition, which provides a significant new mix to the company’s prime development projects.

“Resort Corp’s axiom has always been peerless design on iconic sites, and there is certainly no resort location more iconic in the nation than Noosa Sanctuary,” he said.

Mr Brinsmead said almost 9ha of the site has been dedicated back to the community as nature reserve.

“This is a very, very significant opportunity for us given the site has the modified full development approval, which enables us to take it straight to market once design planning is complete.

“We are presently negotiating with one of Queensland’s leading building firms to construct the resort.

“Noosa Sanctuary is one of the last remaining sites close to Noosa Heads suitable for a residential resort, and it enjoys terrific views to Noosa Sound and the hinterland and the adjoining nature reserve,” he said.

“It will also be one the few remaining opportunities for owner-occupiers close to Noosa Heads and all its attractions.

He said the development would surpass its competitors in catering for owner-occupiers and holiday rentals.

“It is one of the few new Noosa resort property providing for both full-time liveability and holiday letting.

“It has to be remembered that Noosa is set to reach its self-imposed population cap in about 2015 when no further owner-occupier developments will be approved after that point, “ he said.

Mr Brinsmead said that Resort Corp expected strong interstate and international interest in the development, and the company would complete a fully fledged sales display on Hastings Street by late July.

Resort Corp is creating a $1.5 billion plus suite of stunning projects on Australia’s eastern seaboard stretching from northern New South Wales to the Gold Coast; to Noosa and north to the Capricorn Coast; Mackay; the Whitsundays, Townsville and Cairns.

Since 2001, it has completed five resort and residential apartment projects on the New Tweed Coast; five apartment projects in metropolitan Brisbane; and a landmark apartment project on the Currumbin beachfront on the Gold Coast.

It will soon embark on the $500 million Saltwater resort, residential and retail precinct on the Townsville waterfront; the $500 million eco-resort and residential community at Funnel Bay on the Whitsunday Coast; and the $135 million Santai Airlie resort in the Airlie Beach township, also in the Whitsundays.

It recently announced a $1 billion roll-out of Balinese-inspired, Santai-branded resorts over the next 10 years throughout Australia’s eastern and western seaboards and in the Pacific Islands; and, its first greenfield commercial development site on the Gold Coast - a 2.89ha Burleigh Heads development site.

Noosa Sanctuary