INCOMING: Essence at Cotton Tree is set to be completed by 2020.
INCOMING: Essence at Cotton Tree is set to be completed by 2020. Contributed

$40m prime location unit block set for 2018 construction

IN JUST months a busy Coast cafe, bike shop and long-established backpacker accommodation house will be making way for a $40 million unit development.

The developers behind Cotton Tree's new Essence project have secured the necessary Sunshine Coast Council approvals and intend to begin work later this year on the 19-unit development.

Registrations of interest in the three-bedroom, three-bathroom units are being called for at present, with prices to be released in February.

Developer David Bolton said he expected construction to be finished by early-2020 and noted interest in the current pre-release had been strong, with many drawn to the location.

The project will rise from the ground on the corner of The Esplanade and Third Avenue, at the site of the current Cotton Tree Backpackers, Finn & Dash Bikes and Harvest Breads cafe.

There will be two penthouses and two sub penthouses, with the developers to live in the building themselves.

There is 400sq m of commercial floor space on the ground floor with windows opening onto both streets.

Mr Bolton said the space can be divided to suit, but most likely would be cut into four slots for commercial operators.

He believed it would be an ideal space for food and restaurant operators.

As for the units, Mr Bolton said they were spacious, home-sized units, with separate media rooms as well as an office and large, north-facing balconies.

There are two car parks a unit as well as storage space and a pool and barbecue area on the ground level.

"We have designed the project to appeal to the downsizing family," he said.

"Still a lot of space without the maintenance."