Investa Land has entered into an Infrastructure Agreement to create a 5000 lot master-planned community on the Sunshine Coast, in what will be one of largest residential developments ever undertaken in the region.
The new community will be situated on a 500 hectare site in Palmview. It will offer a diversity of affordable and sustainable housing, local employment and superior local connectivity to an estimated 16,000 future residents.
Investa Land, Sunshine Coast Council, Unity Water and two private landowners have been in negotiations for several years to determine the cost, obligations and delivery of the project’s physical and social infrastructure.
“The acceptance of this Infrastructure Agreement marks a major milestone in the delivery of this new community and the beginning of a significant investment in the Sunshine Coast’s local economy,” said Bruce Harper, Queensland General Manager, Investa Land.
The total value of the completed Palmview community is expected to exceed $4 billion.
The Infrastructure Agreement outlines the obligations, timing and cost sharing of the new roads, sewerage, water and other services, and sets the standard for parks, sporting fields and other community infrastructure that Investa Land and the other land owner parties will provide.
As the primary land owner, Investa Land will deliver the trunk infrastructure.
“Investa Land is now able to commence the detailed design of the first major roads and bridges required to provide access to the site, and to plan the first subdivision of several hundred land lots for release to the public,” said Mr Harper.
Sunshine Coast Council has agreed to co-fund the development of the entry road and a bridge across Sippy Creek, infrastructure that will be handed back to the community.
“Sunshine Coast Council’s decision to co-fund these integral initial infrastructure projects has been critical in giving impetus to the project,” Mr Harper said.
This funding will be returned to Council, with interest, during the first stage of development.
It is expected that the physical development of the site will commence in 2016.
The neighbourhood will include primary and secondary schools, community parks, an aquatic centre and library and a district shopping centre. With easy access to both the Bruce Highway and Sunshine Motorway it will provide convenient transport connections.