CONSTRUCTION work is about to begin in earnest on the long-awaited Casuarina Town Centre following the completion of $14 million in civil works by Hutchinson Builders.
Funds manager and major landholder Clarence Property says construction of the residential and commercial component of the town centre on the booming Tweed Coast is likely to begin in November.
The $400 million town centre, to be anchored by a 2500sqm Coles supermarket, will also kick off with construction of 38 homes.
Casuarina’s founding developer Consolidated Properties is undertaking development of the retail hub featuring Coles and specialty stores, as well as a small residential townhouse project within the town centre.
Clarence Property tokk a major interest in the beachfront precinct in 2012 when it swooped on 21ha for just $6.5 million, snaring it from eager vendor Bank of Scotland International.
The funds manager has since forked out for the civil works, recovering most of its costs from the sale of the 38 housing lots and paving the way to sell its remaining 120 lots.
The $14 million first stage of civil works, completed by Hutchinson Builders, included new roundabouts and traffic lights on Coast Road, along with a 1km extension of Casuarina Way linking the three Tweed beach villages of Salt Village, Seaside and central Casuarina Beach.
Clarence Property managing director Peter Fahey has described completion of the civil works as a major milestone.
"Now that stage one of the civil works program is complete, we should see the first residential and commercial buildings under construction by about November," he says.
"I know this is something that the Casuarina community has been anticipating for a long time, and now that we have completed site works, the amenities that people have been waiting for - like the supermarket and child care centre - can finally be delivered.
"With stage one civil works wrapped up, we are now reviewing our plans for stage two of the Casuarina Town Centre, which will include more residential lots and a beachfront recreation centre. We hope to start work on the second phase of the project in early 2015."
Casuarina Town Centre is a flagship project in Clarence Property’s portfolio which includes developments at Coolum and Airlie Beach. Clarence also has just acquired a commercial site at Robina.
"Clarence Property specialises in syndicating large land holdings, and working in partnership with other developers to deliver quality master-planned communities," says Fahey.
"Casuarina Town Centre is a prime example of this. We are working hand in hand with the original developer of Casuarina Beach, Consolidated Properties, which retains ownership of the Town Centre’s supermarket site and some residential sites, to achieve our vision for this project.
"We are committed to delivering this project to completion in stages over the next several years, bringing to a close the development of one of Australia’s most successful master-planned beach communities of the past two decades.”