SunCentral CEO John Knaggs.
SunCentral CEO John Knaggs.

12-month goals revealed for $430m Maroochydore CBD

The developers behind the new Maroochydore City Centre are confident more construction milestones will be met after a "watershed" 12 months.

SunCentral, a wholly owned Sunshine Coast Council subsidiary, has revealed its priorities as it continues to develop a 53ha former golf course into the region's new CBD.

Its 2019-20 annual report said several construction milestones were met during the past 12 months.

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To date, four buildings have been locked in for the 20-year project, including the Sunshine Coast Council's new city hall.

Construction has also started on the 210-space car park.

It said the goals for the next 12 months would be to finalise contracts for stage 1 of the development.

CEO John Knaggs said it remained to be seen what impact COVID-19 would have on the $430 million project.

SunCentral CEO John Knaggs and Evans Long director Matthew Evans on site at Foundation Place, Maroochydore.
SunCentral CEO John Knaggs and Evans Long director Matthew Evans on site at Foundation Place, Maroochydore.

In light of the global health pandemic the board and CEO took a 15 per cent pay cut between April and June.

The annual salary and remuneration for non-executive directors and the CEO was $832,847, down from $865,172 in 2019.

Mr Knaggs would not confirm how many contracts still needed to be finalised in stage 1 because they were commercial in confidence matters.

Director Doug McTaggart said another goal for the next year would be to continue to work on the Expressions of Interest process for the sale of the balance of the development.

The EOI closed in August 2019 for the 193,646sq m of pre-approved developable land for commercial, retail and residential uses.

Mr McTaggart said a number of parties had made submissions.

"The successful entities will be selected on their ability to increase the level of investment in the project and assist in guiding future project staging and end-user attraction," he said.

The report also showed SunCentral's revenue declined by about $7 million to $13 million.

Mr Knaggs said this was in line with the approved forecast budget by the council and reflected reduced construction costs and staging.

Of the $13 million in revenue, about $11 million was from the council.

As of June, SunCentral reached settlement for nine lots and four were under contract.

Evans Long is on schedule to open Foundation Place, the centre's first building, before the end of the year.

Meanwhile, construction has started at the Sunshine Coast Council's city hall building, expected to open in 2022 and Habitat Development Group's $83 million Market Lane Residences.

Habitat has lodged a development application for a second project in the city centre, Corso Residences at South Sea Islander Way, a 15-storey residential and retail building.



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