Queensland | 29 David Smith of Commercial Sunshine Coast says commercial property activity in the region has hit a significant peak. “In the six weeks leading up to the middle of December, we completed as many sales and leasing transactions under my banner as I had in the previous six months,” he notes. “We had 44,000 people move to the Sunshine Coast over the last year, and the local population is set to reach 500,000 by 2031. The key issue we face is insufficient supply of commercial property stock to keep up with demand. Availability of vacant industrial land between Noosa and Caloundra is at an all-time low, and in the 40 years of operating in the Sunshine Coast industrial and office market I have never supply so low for either sale or lease.” According to David, low interest rates are making it more sensible for SMEs to try and buy their premises in the industrial and office sectors. However, the lack of stock can be a hurdle. “IT companies are looking at industrial space because they need storage facilities,” says David. “Also, there is a growing demand for industrial property from businesses operating in the liquor industry such as boutique beer breweries and other alcohol manufacturers.” Looking ahead, David predicts that Walker Corporation’s long-term $2.5 billion investment in the Maroochydore City Centre known as Sun Central, will transform the region’s commercial real estate market. Walker Corporation has negotiated an agreement with Sunshine Coast Council to develop a 53-hectare greenfield site in the heart of Maroochydore. The development will transform the CBD into a 21st century precinct with about 160,000 square metres of commercial and retail space and 4,000 residential apartments. “We expect people with small businesses to relocate here from interstate and Brisbane, and this will drive demand for space within Sun Central,” Mr Smith said. David Smith davidcsmith@csc.rhc.com.au Sunshine Coast
RkJQdWJsaXNoZXIy MTI3ODI1