Sunshine Coast’s largest MR deal sealed
In the largest sale of its kind on the Sunshine Coast, the management rights of the Emporio residential-retail-commercial development at Maroochydore has been sold to The Lancaster Group.
Resort Brokers Australia’s regional consultant Glenn Millar, who negotiated the deal, would not disclose the price but it is understood to have been for more than $2.5 million.
The Lancaster Group is an experienced management rights company that has interests in New Zealand, Queensland and New South Wales. It recently secured the management rights to The Sands and The Links at Yamba, New South Wales and Oceans Resort at Whitianga, New Zealand and has previously been active in the Brisbane residential market in prestige developments such as Mactaggarts Woolstore and Goldsborough Place at Teneriffe.
The Emporio project, the first genuine residential-retail-commercial mixed use project on the Sunshine Coast, is located at the intersection of Maroochy Boulevard and Plaza Parade, at the gateway of the new Maroochydore CBD.
Mr Millar said Emporio Place attracted strong interest due to it being a mixed-use development and a unique vision of five residential buildings and two commercial buildings comprising 241 apartments, prime commercial office space, restaurants, shops, cafes and a fresh food marketplace.
Stage one which is scheduled to be open in May or June this year comprises residential apartments, ground floor retail and commercial office space, a resort-style swimming pool, BBQ deck, residents-only theatre and gym, manager’s office and storage facilities.
Apartments have one, two or three bedrooms and feature designer kitchens, large balconies, fibre-optic high-speed broadband and secure undercover car parking. Green open spaces, a public plaza, bikeways and walkways are incorporated as part of the Emporio community.
Emporio was developed by local developer Reed Property Group and is seen as heralding the rebirth of the Maroochydore CBD.
Glenn Millar
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