Extensive resumptions, site works and street re-alignments have been completed at the new Sun Central CBD, but one major investor has announced its withdrawn its interest in developing in the first stage.
Extensive resumptions, site works and street re-alignments have been completed at the new Sun Central CBD, but one major investor has announced its withdrawn its interest in developing in the first stage. Erle Levey

SunCentral loses critical first-stage investor

THE SunCentral redevelopment has lost a critical first-stage investor with the decision by Aveo Group not to proceed with its proposed purchase of land.

The property developer has confirmed it has withdrawn from negotiations to buy a site within the SunCentral town centre for a potential new retirement community.

"Due to various issues, including the construction commencement conditions, the acquisition was not going to work for us and we withdrew," an Aveo spokesperson said.

SunCentral Maroochydore CEO John Knaggs said completed land sales within the first stage of the project would only occur on settlement with that process to start through 2019 after civil construction was finalised this year.

"Presently around 90 per cent of lots in Stage 1A are subject to commercial negotiation," he said.

"Generally, within the first stage of the project (Stage 1A) and depending on the specific circumstances, buildings are required to be commenced within 12 to 18 months of settlement."

In July the council said 90 per cent of first-stage lots were in commercial or contract negotiation representing more than $91 million in sales value.

"It needs to be borne in mind that these are only the first tranche of contracts from the initial marketing of one precinct, and the land area for the contracts under negotiation represents approximately 7.5 per cent of the Maroochydore City Centre site," a spokesperson said.

"Not all lots in the first precinct are under contract negotiation at this stage and there are five other precincts that are yet to be released to market - something that will progressively occur over the 20-year life of the project."



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