Walker Corporation has signed an agreement to invest $2.5bn to accelerate Maroochydore City Centre’s shovel-ready central business district (CBD) redevelopment project in Australia.
The company signed the agreement with Sunshine Coast Council and SunCentral Maroochydore, which will oversee the project development.
As part of the CBD redevelopment, about 160,000m² of commercial and retail space and 4,000 residential apartments will be delivered over the next 15 to 20 years.
Walker Corporation executive chairman Lang Walker said: “Maroochydore City Centre is Australia’s largest greenfield CBD development and we look forward to delivering on council’s vision for the project.
“Maroochydore City Centre is going to transform the region into one of the most advanced economies in Australia.”
Other major infrastructure projects that will support the 53ha city centre include the airport expansion, international submarine broadband cable network and public transport infrastructure.
Upon completion, the project is expected to transform Maroochydore into one of the most commercially competitive regional cities in the country.
The Queensland Government designated the site as a priority development area in 2013.
The Maroochydore City Centre project offers a combination of residential, commercial, retail, civic and community uses.
It is planned to be integrated with public transport networks that will provide links to the upgraded Sunshine Coast Airport and wider South East Queensland region.
As part of the development agreement, Walker has exclusive rights to market and develop most of the remaining land.
SunCentral chairman Dr Doug McTaggart said: “Following the rigorous assessment and review of the Expressions of Interest submissions, it was clear that Walker Corporation had the requisite capabilities to work with Council and SunCentral on the delivery of the Maroochydore City Centre project.”