$4m unit project gets green light
From the ( Suncoast Daily.
SUNSHINE Coast Council has approved an application for a $4 million housing development in Nambour's busy health precinct to boost the area's affordable housing options.
Councillor Paul Tatton signed off on the 16-unit development, which is being built under the National Rental Affordability Scheme.
Luckreadie Property Investment plans to start the development, called ascend - boutique apartment living, in December.
Company director Tamara Read said ascend, which will be built opposite Nambour General Hospital, would provide 16 boutique, one-bed
room apartments designed to accommodate medical staff.
Ms Read said Luckreadie was a Coast-based private business formed specifically to address the high demand for affordable housing in locations such as medical and education precincts.
"We've already received interest from potential investors who realise ascend's strategic location in the medical hub makes it a very attractive property investment opportunity," she said.
"With prices starting at $245,000, investors can expect to receive an 8+% gross yield with the benefit of the tax-free incentive of more than $95,000 per apartment over 10 years."
Sunshine Coast Housing Affordability Taskforce chair Anna Grosskreutz said she welcomed the vision of any property developer capitalising on NRAS which would help ease the serious supply shortage of affordable housing.
Member for Nicklin Peter Wellington said he was pleased to see ascend being developed in Nambour.
He said aside from providing financial benefits for local renters, the development would also play a key role in relieving some of the serious parking strain currently around the hospital.