Sekisui decision will impact investor confidence
The Sunshine Coast Business Council (SCBC) has raised concerns that yesterday’s Supreme Court decision to rescind the Planning and Environment Court’s approval of Sekisui House’s $900-million Yaroomba Beach development, may impact investor confidence in the region.
“Investors need surety around planning schemes, and it is therefore imperative that the Sunshine Coast has both a planning scheme and a council that supports these types of developments if we are to remain competitive in attracting investment to the region.
“The Sunshine Coast has not benefitted from a new 5-star resort development since the early 1990s, while the region’s popularity as a tourism destination continues to grow. We are a regional economy that depends on hospitality, tourism and retail to provide entry level jobs for our youth.
“These industries would all have benefited from this development and additional delays in approvals will have an impact on jobs growth — particularly youth unemployment which continues to be an issue for our region.
“In reality, the region is in desperate need of multiple new, high-end resorts within the next decade in the lead up to the 2032 Olympic and Paralympic Games. Resorts such as this bring high-yield visitors to the region as well as business events that deliver visitation mid-week, which greatly benefits a tourism industry still recovering from the impacts of the pandemic.
“We are at the beginning of another period of economic recovery where new jobs and investment is paramount, while this decision could see us lose out on a significant tourism asset and instead end up with another gated community with no access or benefit to the surrounding community.”
For more information on the Sunshine Coast Business Council and membership enquiries, visit www.scbusinesscouncil.com.au.
