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Mosaic Property Group buys Cotton Tree land for $60m development
Mosaic Property
30/09/22
Published via couriermail.com.au - 29/09/2022 Long-term local owners have sold three blocks of land in the Sunshine Coast tourist hotspot of Cotton Tree to a developer for more than $6m. See the $60m new plans here.
A major development firm has snapped up prime Sunshine Coast land and revealed plans for a $60m, two-building development following the popularity of its last two offerings in the area.
The 1821sq m site at 17 The Esplanade and 62-64 Memorial Av, in Cotton Tree, was sold by Colliers to the Queensland-based integrated property development group Mosaic Property Group for $6.95m.
A Mosaic Property Group spokeswoman said a development application for 41 luxury apartments across two buildings spanning seven storeys was lodged with the Sunshine Coast Council.
If approved by the council, the first building on The Esplanade would offer eight penthouses each with three bedrooms, a multipurpose room and a full-level floor plan.
The second building on Memorial Ave would offer 33 two and three-bedroom apartments with and without multipurpose rooms.
Colliers Sunshine Coast special projects manager Baydn Dodds said there was significant interest in the site.
“The sites had been amalgamated into one ownership over the years by long-term local owners who saw the potential in the location for future development upside,” he said.
“It’s a fantastic site, central to everything Cotton Tree and the Sunshine Coast has to offer including high walkability to retail, cafes and restaurants, medical centres, the river and the ocean as well as Big Top, the Sunshine Plaza and the new CBD.”
The special projects manager said 17 The Esplanade had 15m of frontage to the Maroochy River, which offered potential for river and ocean views up to the 25m height limit.
Mosaic Property Group founder and managing director Brook Monahan said the continuing strong demand for Mosaic’s ultra-luxury product in the area was the reason behind the land buy.
“Following the 2021 completion of our multi-award-winning Avalon by Mosaic and the same-year release of Lorient by Mosaic, which sold out within weeks, we are looking forward to delivering a third exemplary address in such a dynamic and beautiful location as Maroochydore,” he said.
“Significantly, we recognise that Cotton Tree is a coveted locality with an authentic sense of community and its own unique identity.”
Mr Dodds said that the current construction cost escalations being experienced in the market were increasing the demand for sites in more premium locations.
“They offer more scope to absorb the cost increases within the overall project feasibility,” he said.