Gardner Vaughan Expands Sunshine Coast Portfolio with $19M Caloundra Acquisition

Fierce demand for SEQ development sites saw over 210 enquiries and 7 formal offers for Caloundra beachside site with approval for apartments and a hotel

A prime 5,289sqm site in the heart of Caloundra’s CBD has transacted for $19,000,000 to leading South East Queensland developer, Gardner Vaughan Group, marking one of the region’s most significant development deals in recent years.

A national Expressions of Interest campaign led by Colliers agents Brendan Hogan and Baydn Dodds resulted in the sale of the site at 1–9 Bulcock Street and 45–47 Bombala Terrace. The campaign attracted more than 210 enquiries and seven formal offers, with the property sold on behalf of a private South East Queensland syndicate.

Offering potential sweeping views of the ocean, Pumicestone Passage, and the Glasshouse Mountains, the property at the time of sale had a development approval for a landmark mixed-use precinct comprising 104 residential apartments, a 125-bed hotel, and approximately 2,976sqm of retail and commercial space.

Colliers Queensland Residential Director Brendan Hogan said this site offered a significant development opportunity in one of the most in demand and supply constrained markets in Queensland and Australia.

“The strong demand for housing and accommodation in the Sunshine Coast region drew intense interest from local and national developers,” Brendan Hogan said.

“This was a particularly rare site as it is located in an established area close to beaches, shops, cafes and entertainment at the top end of Caloundra’s CBD but also offered an elevated site, offering potential ocean and mountain views.

“The opportunity to deliver a blend of resort-style accommodation, residential dwellings, as well as commercial and retail amenity presented a compelling vision for the area,” Brendan Hogan added.

Colliers Special Projects Manager Baydn Dodds said Gardner Vaughan Group’s acquisition of the site builds on its growing Sunshine Coast portfolio, which includes the successful Zinc and Bask developments at Bokarina Beach, and Revive Oceanside.

“This transaction reflects the continued strength of the Sunshine Coast market and the high level of interest for premium development opportunities in lifestyle destinations such as Caloundra,” Baydn Dodds said.

“Caloundra is renowned for its coastal charm, walkable amenity, and strong tourism appeal— making it one of Queensland’s most supply-constrained and in-demand markets.

“The site is strategically positioned with sweeping views, exceptional amenity, and the benefit of an existing approval that spans residential, tourism, and commercial use making it an ideal addition to Gardner Vaughan Group’s pipeline,” Baydn Dodds added.

Early Registration is already open for this development named Eden with the local launch expected in September 2025, and construction scheduled to commence in January 2026.

Colliers Queensland Research Manager Pragya Sharma said the Sunshine Coast was expected to grow by 237,900 people between 2021 and 2046, requiring around 89,800 new dwellings. This equates to approximately 3,600 new homes needing to be delivered each year to accommodate the forecast annual population growth of more than 9,500 people.

“The latest Sunshine Coast Market Overview outlines that the Sunshine Coast construction market is showing signs of renewed stability and confidence, with the latest RLB Crane Index highlighting the region’s development momentum. The Sunshine Coast is one of only three markets nationally to record an increase in crane numbers,” Pragya Sharma said.

“The addition of new cranes signals that the project pipeline is beginning to build, particularly within the residential sector, which accounts for over 60 per cent of crane activity”.

Caloundra is located about 95 kilometres north of the Brisbane CBD, 21 kilometres south of the rapidly expanding Sunshine Coast Maroochydore CBD and 28 kilometres from the Sunshine Coast airport.