Concept breaks ground at Oshen development

Construction of Oshen, the first apartment project to come out of the ground in the Yeppoon area since 2008, has started after breaking ground this week.The $35 million catalyst project is being developed by Brisbane-based Concept Living Properties and will occupy a stunning oceanfront site on the Capricorn Coast, which overlooks the southern Great Barrier Reef at Yeppoon.CLP director Sandy Murdoch said starting construction at Oshen provided certainty for the community, buyers and property investors at a time when very few new projects were going ahead.Mr Murdoch said Oshen’s stunning oceanfront location and strong growth prospects, due to the $146 billion resources boom underway in Central Queensland, had been the driving forces behind the success of the project.“Yeppoon is central to the region’s resources boom, so apartments are being purposebuilt for both the growing corporate and leisure sectors,” said Mr Murdoch.“We have certainly plugged into a desire by investors and owner-occupiers to be a part of an iconic new development which will be underway while the resources boom takes place around us.”Mr Murdoch said while owner-occupiers would enjoy living in one of Yeppoon’s best residential locations, investors could look forward to strong return on investment.He said the shortage of quality accommodation in the area would ensure short-stayoccupancy levels should be consistently high.“Lack of quality accommodation in the area gives buyers confidence that occupancywill be exceptionally strong once Oshen commences operations,” said Mr Murdoch.Project team leader for Hutchinson Builders, Michael Crocker, said they were excited tobe constructing the highly anticipated development.“Oshen is a one-off, flagship development for the region and we are very happy to break ground on what is an exceptionally designed project,” said Mr Crocker.Rockhampton Mayor Margaret Strelow said the project was a vital addition to the Yeppoon market, which was in need of quality residential development to keep up withthe region’s growing population.“Yeppoon has certainly emerged as a beacon for resources workers and their families, whohave been attracted to the area by employment opportunities and see great lifestyle value in the laid-back nature of the town,” she said.Capricorn Enterprise CEO Mary Carroll agreed Yeppoon was facing an undersupply of accommodation and quality residential development was needed for the town to capitalise on its potential as a leisure and business hub for Central Queensland.“Yeppoon has long been regarded as a tourism centre for Central Queensland, and while this is still true, Oshen will go a long way in catering for the needs of corporate travelers,” said Ms Carroll.“As well as offering facilities for business meetings and conferences, Oshen will act as a catalyst for further accommodation development catering to Yeppoon’s diverse market.”Project sales consultant Ross O’Reilly said pre-sales at Oshen were pushing $20 millionwith a mix of owner-occupiers and astute investors buying up at the luxury development.“We have had a fantastic sales run prior to the commencement of construction – thereis certainly a strong buyer appetite for quality apartment product in the Yeppoon area,” said Mr O’Reilly.“The start of construction has triggered buyer confidence and we are seeing enquirylevels spike as buyers clamour to secure one of the last remaining apartments.”Independent research by EC3 Global indicates the development is set to provide a significant boost to Yeppoon’s economy, generating up to 410 new jobs and $260 million worth of economic value over 10 years.The report further identified Central Queensland will need an estimated 975 new rooms by 2017 to meet forecast demand.Oshen is the first new project in Yeppoon to incorporate business facilities for corporate guests to conduct sales conferences, staff training and planning workshops that will boost occupancy mid-week. As well as fully-equipped corporate facilities, features of the development include onsite management, a swimming pool and BBQ areas.There are only a limited number of self-contained one, two and three bedroom apartments in the five-level building remaining for sale. Apartments in Oshen range from 54 to 179 square meters and are available from $375,000.