Construction has commenced on the second stage of Stringybark Place in Sippy Downs, which is set to contribute a further 27 apartments to the Buderim area before the end of 2015.
Steve Cole, Managing Director of RCQ Construction — the local company engaged to build the development — said the start of construction was a good reflection of the increased activity within the industry on the Sunshine Coast.
“The Sunshine Coast construction sector has experienced a significant upswing over the last 12 months with a number of projects getting underway and an increase in confidence within the sector,” Mr Cole said.
“Stringybark Place is a good example of interstate developers recognising the potential of the Sunshine Coast with limited rental availability, high population growth and game-changing projects such as the Kawana health precinct, the Maroochydore Principal Activity Centre and the airport expansion.”
“At present, 500 truckloads of fill have already been transported to the Stringybark Place site to reach desired Council fill levels, an internal water main has been installed, concrete slabs have been poured and construction of the frame has commenced.”
Rhys Monteath, Sales Director of Hamilton Corporation which owns Nautilus Investments — the Melbourne-based property development company behind the Stringybark Place development — said he was delighted to see works kick off on-site, following the sale of the first 66 townhouses in Stage 1.
“We received a really positive response from investors and owner-occupiers alike when we launched the first stage of the development in 2013, and it’s great to see this momentum being sustained following the release of Stage 2,” Mr Monteath said.
“While we released Stage 2 to market in October last year, it only took a matter of weeks for us to reach the pre-sales required to allow us to commence construction.”
Mr Monteath said he was not surprised by the strong interest in the development given the current activity in the Sunshine Coast property market.
“At present, the Sunshine Coast is experiencing an incredibly tight rental market, with the latest information from the Real Estate Institute of Queensland showing vacancy rates for the March 2015 quarter sitting at just 1.9 per cent,” Mr Monteath said.
“With the region’s population set to grow substantially, I expect this strong demand for rental properties will remain in place for years to come especially given its proximity to the University, which is proving particularly appealing for investors.”
Mr Monteath said the development had also attracted substantial interest from owner-occupiers in recent months, who were keen to live within close proximity of the new Sippy Downs Town Centre and Maroochydore Principal Activity Centre.
“The Sunshine Coast is forging ahead with a number of projects that are bound to transform the region and also contribute a range of new employment opportunities,” Mr Monteath said.
Mr Cole said RCQ Construction had seen a number of cycles in the property market since the company’s establishment the 1980s, and felt the current upswing in the development and construction sector was good news for local tradespeople.
“While many tradies have been forced off the Coast to look for work in recent years, it’s good news to see project such as Stringybark Place commence in order to contribute to our local economy and create jobs.”
“Aside from Stringybark Place, we’re also currently working on the Ocean Street restaurant precinct and Big Top Market Fresh redevelopment in Maroochydore — including the refurbishment of the centre’s Woolworths store which will be the largest in the southern hemisphere — and a range of projects in Brisbane including the 228-apartment Belise high rise in Bowen Hills.”
Stringybark Place is a $27.5 million project that will encompass 132 townhouses once complete. A third stage of the development is expected to be released shortly after the sell-out of Stage 2.
For more information regarding RCQ Construction please visit www.rcq.net.au or to learn more about Stringybark Place, log on to www.stringybarkplace.com.au.
Fresh PR & Marketing
21st of May 2015