Mosaic puts pieces together in Coolum

BRISBANE developer Mosaic Property Group is getting some more sand between its toes with another foray into the Sunshine Coast.

Mosaic has paid almost $6 million for a beachfront site at Coolum spanning five lots with a total combined area of 2876sq m.

Known as First Bay, the prime holding at 1674-1676 David Low Way and 127-133 Coolum Terrace is earmarked for a high-end residential project.

It has a building height limit of 12m and was sold with an existing approval for 24 residential units but with scope to amend and increase the yield.

CBRE’s Rem Rafter and Brendan Robins of CBRE negotiated the sale in conjunction with Damien Michael and Todd McKee of McGrath Estate Agents.

“We had more than 30 inquiries on First Bay and received four very strong offers,” Mr Rafter said.

Mr McKee said the strong interest reflected the fact that beachside development sites along the Sunshine Coast were tightly held and “opportunities of this kind are rare”.

Mosaic managing director Brook Monahan said the boutique apartment developer purchased the site on the back of its successful expansion into the Sunshine Coast.

“The acquisition came after an unprecedented sale record for our first Coolum Beach project, Drift by Mosaic,” he said. “Around 70 per cent of sales were to local owner-occupiers, which proved to us there was definitely a pent up demand.”

Mr Monahan said most of the apartments in the proposed First Bay development would have three bedrooms, to suit the strong local owner-occupier market. it plans to launch the project in mid-2019.

Source: Phil Bartsch, Courier Mail, Prime Site, 9 November 2018