Plans for a $30-million residential enclave have been given the green light for what is touted as the last freehold land on one of the highest points at Peregian Springs on the Sunshine Coast.
To be known as Lumeah, it is a joint venture between local developers McNab and Cube Developments
The development will comprise 31 land lots ranging from 367sq m to 734sq m across a 2.79ha site within walking distance of the Peregian Springs Shopping Centre and a surf lifesaving club, and close to schools.
It is strategically positioned to tap into Queensland’s strong population growth with a predicted 20,000 annual interstate migrants set to push the state’s total population to 5.5 million by mid-2024.
“With our long-term partner, Cube Developments, we have cleared the site and have achieved almost 200 registered and interested buyers within the first seven days of our prelaunch,” McNab’s managing director Michael McNab said.
Cube Developments director Scott Juniper said the project was attracting strong interest from high-end Sydney and Melbourne buyers.
“The interest we’ve received from our internal database has been extremely positive,” he said. “Our buyers recognise the exclusivity and prestige of this product.”
Juniper said that with “generous” landscaping the development had been designed to fit in with the existing style and feel of the surrounding streetscapes.
“The site itself is just spectacular. It’s nestled within the leafy and well-established community of Peregian Springs, and is a short distance from some of the best beaches the Sunshine Coast has to offer,” he said.
Construction of the estate, just south of Noosa Heads, is due for completion by the end of the year with settlements to be finalised in February.
Meanwhile, McNab is continuing its diversification strategy with a strong pipeline of other projects on the horizon.
This year it topped out its sold-out 33-storey luxury apartment tower White Main Beach on the Gold Coast. The $90-million tower comprises one apartment per floor with 360-degree views of the beachfront and hinterland.
Published: The Urban Developer
Author: Phil Bartsch