Billionaire on board won't create major change: Stockland
CURRENT and future residents of Stockland's Aura development at Caloundra South have been told not to expect much change, after a billionaire investor snapped up 50 per cent interest in the project.
Stockland Queensland general manager of communities David Laner said the confirmation rich-lister Terry Snow's company Capital Property Group had come on board was a "positive sign" for investment on the Sunshine Coast.
"That is really exciting," Mr Laner said.
He said it was consistent with what had been discussed at Stockland's mid-year update, in terms of looking to attract capital partners.
Mr Laner said people wouldn't notice a difference in terms of day-to-day dealings, nor any change in the marketing and development approval processes.
He said there was also no need to re-negotiate or re-sign infrastructure agreements struck between Stockland, Sunshine Coast Council and the State Government.
Mr Laner said he expected an "evolution" of their masterplan, as the 30-year, 20,000-home project progressed, but the addition of a capital partner "isn't the catalyst for that".
He said Caloundra South was a project that required significant initial investment, particularly on public amenity and facilities, and having a capital partner to help underwrite that would assist the project.
"It's pretty capital-hungry at the moment," Mr Laner said.
He said the partnership could potentially assist in the development of future public transport hubs and connections in the development, which was set to house 50,000 people.
He said there was no direct link, but Capital Property Group's experience in public assets, as owner of Canberra Airport, could prove valuable.
National media reported Capital Property Group's stake in the Caloundra South project, which was about 8 per cent settled by December 31, was worth $150-$200 million.
A council spokesman said the investment was welcomed, and would not impact on the negotiated infrastructure agreement.