- Property developers Sunland Group is selling its Lakeview Retail Centre in Gold Coast for $20 million
- The 1.601 hectare development will be bought by Bao Li Investments, with contracts to be signed within six months from now
- The sale of the four building retail centre is to help fund the company’s next project – adjoining $1.3 billion ‘The Lakes’ community development
Property developer Sunland has entered an unconditional contract to sell a Gold Coast property worth $20 million.
The Lakeview Retail Centre, in Mermaid Waters, is being bought by Bao Li Investments. Settlement is projected for this coming August.
The 1.601 hectare site includes four buildings and 297 car parks for a combined 3,864.6 square metres of developments.
A 10 per cent deposit, or $2 million, has already been paid to Sunland. A contract must be provided for signing within six months from now to honour the deal.
The property also adjoins Sunland’s other development site – ‘The Lakes’. The Lakes is a 42 hectare site, currently undergoing plans for a $1.3 billion community and leisure retail village. These plans will happen over the next decade.
Sunland Group Managing Director Sahba Abedian says today’s deal will definitely go to funding The Lakes project.
“This is an opportune asset sale that will enable us to invest in the next stages of development within The Lakes master planned community, with the launch of The Lanes Retail Village and The Lanes Residences later this year,” said Sahba.
The Lanes Residences is a development of four waterfront apartments in central Gold Coast. Two of the buildings are 10-storeys high, the other two are 12-storeys high.
Plans of settling today’s Lakeview deal are currently pending conditions of registration, regulations of subdivision, building management statements and issuing of certificates.
Today’s announcement is the company’s first sale since a $16.5 million deal north-east of Sydney. In May, Sunland sold 6.053 hectares of greenfield land in an off-market transaction.
Share prices in SDG are unchanged today, continuing to trade for $1.75 a piece. The company is currently valued for a market cap of $246.7 million.