Coomera Bucks Trend
DEVELOPMENT in the Coomera region — the Gold Coast’s fastest-growing northern corridor — has continued to increase, with more than $5.9 billion planned or under way, according to the latest Colliers International Coomera Development report.
Colliers International research manager Lynda Campbell compiled the report, which encompasses the suburbs of Coomera, Upper Coomera, Guanaba, Maudsland, Oxenford and Wongawallan.
Ms Campbell said the value of projects in the area had increased by more than $400 million over the past 12 months, primarily due to an influx of’ small residential projects.
“This increase goes against the broader trend on the Coast, where development spending is being scaled back,” she said.
“Projects in the pipeline have increased markedly from around $2.9 billion in December 2009 to more than $3.3 million, whilst construction activity has remained the same at around $2.6 billion.”
All sectors showed an increase on last year with the exception of retirement, which dropped slightly.
Apartment projects either under construction or in the pipeline were valued at $294 million, commercial projects totalled $634 million and retirement projects came to $248 million.
“Residential projects topped the list in terms of development spend, with $2.80 billion under way or in the pipeline,” Ms Campbell said.
“This is due primarily to a combination of a plentiful supply of suitable development sites and finance restrictions which have meant that small townhouse projects are among the most viable in terms of affordability, in the market.
“The mixed-use sector experienced the second largest area of development spending with $1.84 billion.
“Many developers are including a retail, office or commercial component in their residential projects to cater for the high population growth in this area.
“The Statistical Division (SD) of Pimpama-Coomera recorded the strongest population growth across the Gold Coast, with a 13.7 per cent increase for the 12 months from June 2008 to June 2009, follow d by the SD of Kingsholme-Upper Coomera which experienced a 9.9 per cent rise.”
Ms Campbell said infrastructure would play a vital role in supporting the area’s fast-growing population, with spending increasing to $132.3 million, up from $94.5 million a year prior.
Infrastructure projects under way include the $31.6 million Coomera TAFE, the $25.8 million National Building Economic Stimulus Plan for schools and the $20 million Finnegan Way East road upgrade.
Those in the planning stages include a library, pool and youth community centre, valued at $21 million, a $15 million medical hub at Coomera, a $13.7 million upgrade of Tamborine-Oxenford Rd, a $5.2 million Youngcare facility at Coomera and a school at Coomera East.
“The $1 billion Coomera Town Centre is by far the largest project on the list, having been in the pipeline for many years,” Ms Campbell said.
Recent reports indicate the centre could open by 2013 with developer Westfield planning to lodge an application this year.
Colliers International Gold Coast director in charge Stewart Gilchrist said the start of construction of the Coomera Town Centre would be a significant milestone and should encourage other projects.
“This in turn should also encourage additional spending on infrastructure,” he said.
“This area will continue to be a key growth hot spot over the next decade, as suitable development sites become scarce in coastal areas.”
Extracted from the article titled Coomera Bucks Trend which was published in the Gold Coast Bulletin on the 5th of February, 2011