Caloundra Rides Wave of Commercial Success

Caloundra is riding a wave of commercial property success with settlement reached on a prime 6,167sqm CBD development site and national investor interest flooding in for an entire three-level beachside building just listed.

Henzells Commercial has also recently negotiated an additional $2.25 million in sales for other high-exposure CBD sites.

These included the $850,000 sale of the Cozie Swimwear property at 38 Bulcock Street to a Melbourne-based investment group and the sale of four tenancies at 101-103 Bulcock Street for 1.45 million to Brisbane-based investors.

Commercial Manager Paul Bell is pleased to report that settlement has been reached on the 6,167sqm site comprising 13 adjoining lots between Bulcock Street and Omrah Avenue in the heart of Caloundra. Sold for an undisclosed sum in the ‘multi-million dollar’ range, the site will be transformed into a $95 million marquee lifestyle precinct by Henzell Property Group.

To be known as Verre Caloundra, the proposal includes 39 luxury residential owner occupier apartments above high-end retail and dining on street level, subject to council approval. Presenting a host of opportunities for owner occupiers and business operators, the precinct will comprise 10 levels of residential living with a selection of two and three-bedroom apartments, penthouses and resort pool area to be completed in stage one.

Meanwhile, the newly listed Caloundra City Centre building at 51-55 Bulcock Street is attracting strong Brisbane and interstate interest. Owned long-term by a local family, the property is being sold via an expressions of interest campaign closing on April 5.

“As one of the iconic buildings in town, with great tenants in place and a great location, we are expecting an excellent response,’’ Paul said. “Caloundra City Centre is a multi-tenanted, three level, commercial building strategically positioned in one of Queensland’s most popular tourist destinations." 

“It offers a site area of 1,999sqm and a total net lettable area of 2,428sqm providing a secure investment in a sought-after growth area in South East Queensland.”
The property is currently generating a net income of $659,502.

The adjacent Centrepoint Marketplace retail centre at 50 Bulcock Street, with a net lettable area of 1,162sqm and fully leased net income of approximately $530,000, recently sold for $7.3 million.
“Given that Caloundra Centre is slightly larger, and the return is more, I would suspect the sellers would be expecting something upwards of that. We will see where it goes,’’ Paul said.