Sunshine Coast Council has released the Brisbane Road Car Park site valuation.
As at 2 October 2018 the valuation shows that, based on the existing development approval which includes retail, residential, hotel, retirement and the encumbrance of the 704 council-owned, publicly-accessible car parks, the site has a value of $16.25 million.
The site was valued for Council’s Asset Register in 2016/17 at $12.264 million.
Council CEO Michael Whittaker said the site was valued on a direct comparison basis on a potential yield, as described in the development approval, and council was now in a far better position than when the original Expression of Interest process started in 2015.
“Council owns a site that now has a development approval in place for a multi-use development, providing greater value to council and our ratepayers, and more certainty for a potential future investor,” Mr Whittaker said.
“Council also retains ownership of all materials relating to the development approval, including documents and plans.”
Mr Whittaker said the February 2018 development approval for the council-owned Brisbane Road car park site provided for 704 public parking spaces, all of which would be open to, and accessible by, the general public regardless of the purpose of their visit.
“In addition to the 704 publicly-accessible car parks, the development approval required a further 238 private car parking spaces for the residential and retirement living uses on the site,” Mr Whittaker said.
“In total, 942 car parking spaces were to be provided on the Brisbane Road Car Park site under this Development Approval.
“This car parking outcome exceeds the 176 public car parking spaces currently available on the undeveloped site.”
Mr Whittaker said one of the project’s key outcomes was to provide more parking options for locals and visitors to Mooloolaba.
“The Mooloolaba Local Area Parking Plan recognises a potential need for an additional 1000 off-street car parking spaces over a 20-year delivery horizon to 2036, to service Mooloolaba as a whole.
“Not all of the increase is required immediately, nor is it expected that the Brisbane Road Car Park site would be required to accommodate all of these car parking spaces.”
On 22 November 2016, a valuation report was provided:
· Vacant land site without the encumbrance of a public car park – $17 million
· Vacant land development site with an encumbrance of designing and constructing a 500 vehicle multi deck/basement public car park dedicated to council with a separate title – $8.8 million.