Prominent Sunshine Coast developer Mal Pratt is planning to build a mixed-use groundscraper in Maroochydore lodging plans for one of the best performing non-CBD markets in the nation.
Pratt and Leanne Jones lodged the plans for the five-storey development, Aero 36, for a 5568sq m site at 36-46 Aerodrome Road and 44-48 Parker Street, Maroochydore.
The plans, designed by BRD Group, include a hotel tavern, ground floor retail and four levels of offices on the city centre site, which is two blocks from the beach.
The single building with a net lettable area of 9298sq m would replace several businesses and houses across nine allotments.
There would also be two levels of basement parking and a terrace restaurant on top of the Aero 36 development.
The Sunshine Coast office market has a tight vacancy at 7 per cent compared to other rest of the country's average vacancy rate of 12.1 per cent.
Ray White head of research Vaness Rader said high office demand had been recorded during the past two years, with the take up across all grades and businesses looking for satellite offices in the area.
“Prior to Covid, the Sunshine Coast was on a positive trajectory of growth with strong gains in population, new business starts and employment which resulted in an increase in demand for commercial and residential accommodation,” Rader said in an office market report.
“Compared to other Australian non-CBD markets, the Sunshine Coast is number one in terms of total net absorption, showing greater demand than Parramatta, Newcastle and the Brisbane fringe, a significant result given it is the third smallest office market recorded by the Property Council of Australia.”
Also in Maroochydore, Evans Long is continuing work on a $18.5 million, five-storey commercial and retail development called A1.
All office space above the ground floor was either leased or under offer within the First Avenue development.
Designed by Cottee Parker, the project, on a 1173sq m site, is due for completion in mid-2022.
