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Sunland Offloads $30m Gold Coast Site

Sunland Offloads $30m Gold Coast Site

ASX-listed developer Sunland Group has offloaded the undeveloped portion of a Gold Coast masterplanned estate to over-50s resort developer Gemlife for more than $29 million.

The 46.4-hectare subdivision site at Pimpama, on the northern Gold Coast, came with preliminary approval for 267 detached residential lots.

The $29.7 million deal, settled in May, was transacted prior to the Covid-19 pandemic by Ray White’s Matthew Fritzsche, Mark Creevey and Tony Williams in December last year, after Sunland decided not to proceed with developing the remainder of the 105-hectare “The Heights” project in the housing growth corridor between Brisbane and the Gold Coast.

Fritzsche said the expressions of interest campaign attracted plenty of enquiries.

“There’s limited developable land on the Gold Coast of this scale and quality, and it showed in the strong number of enquiries we had throughout the campaign.

The surplus land site is around 20 minutes from the central Gold Coast and 40 minutes from the Brisbane CBD in an elevated position within the estate.

“The target list comprised local, interstate and international groups, and interest was predominantly from the residential and home estate sector,” Fritzsche said.

The December sale took place amid diminished sales activity in Pimpama after a boom in house and land development in the area, including nearby Ormeau and Coomera.

Creevey said the Gemlife acquisition highlighted that even in testing times, development sites with an element of approval would always be appealing.

“This really is an exciting project and we’re looking forward to seeing Gemlife deliver yet another quality project,” he said.

Over-50s resort developer Gemlife, led by Adrian Puljich, is a Queensland-based joint venture between parent company, Living Gems and financial partner, Thakral Capital which has eight “country club”-style resorts across Australia in locations including Bribie Island, Tweed Waters and Lennox Head.

Creevey said the site was in one of south-east Queensland’s most recognised land estates, in a market with rapidly diminishing forward land supply.

“It’s a high-quality estate with a significant entry statement, boulevard roads and footpaths, landscaping throughout and features central parkland.”

Williams said “The Heights” offered a real point of difference as the land areas provided panoramic views that incorporated the Gold Coast City skyline and hinterland.

“Pimpama is experiencing a major transformation with new parks, school, sporting facilities, and multi-million dollar retail precincts,” he said.

“In 2018, the ABS ranked Pimpama the fastest growing region in Queensland and the fastest growing region in Australia, outside of a capital city.

“More than $300 million in new infrastructure is under construction nearby, including the $80 million Pimpama Sports Hub delivering world-class aquatic centre, tennis courts and netball courts.”

The vendor, residential developer Sunland, led by managing director Sahba Abedian, canned an off-market share buyback scheme in March this year due to market volatility caused by coronavirus, saying at the time it remained in a strong position with sufficient working capital and cashflow from settlement of property sales.

Sunland has 13 projects under way along Australia’s east coast and a $3 billion portfolio comprising 3,853 residential homes, urban land lots, multi-storey apartments, and an emerging retail and commercial portfolio.

Last year, the Brisbane-based group offloaded a number of Gold Coast assets, putting its Mariner’s Cove retail village and marina precinct at The Spit on the market, and offloading convenience retail asset Lakeview Retail Centre adjoining its “The Lakes” precinct at Mermaid Waters in order to up capital to invest back into the masterplanned community.

Sunland’s Gold Coast projects include a high-rise residential development in Mermaid Beach and the boutique Magnoli Apartments mid-rise development in Palm Beach.




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Bottega Property Group Wins Approval for Broadbeach Tower

Bottega Property Group Wins Approval for Broadbeach Tower (1)

Development plans for a high-end 17-storey residential building on Broadbeach’s Old Burleigh Road have been given the go-ahead by Gold Coast council.

Developer Bottega group received the green-light on the project, located at the 123 Old Burleigh Road, last week.

The project comprises 14 “vertical beach houses” across 17 floors, with the developer vying to attract buyers from the luxury segment of the market when the project launches in September.

Bottega is working with planning partner Urbis and builder Hutchies on the project, dubbed 123OBR, after securing the site for $3.25 million.

Bottega Group managing director Nick Malloch said construction is pegged to start early next year, but could begin earlier subject to a run of successful pre-sales.

Bottega Property Group Wins Approval for Broadbeach Tower (2)

Malloch describes the Woods Bagot-designed project as a vertical stack of beach houses with a nautical reference.

“Our vision is to truly unlock creative freedom with our project partners through collaborative design,” he said.

Nearby, Gold Coast developer Andrews Projects has plans for an 18-storey apartment building, comprising 15 high-end dwellings, at 120 Old Burleigh Road.

In its most recent quarterly survey, Urbis said the Gold Coast apartment market had recorded 265 sales in the first quarter of 2020, this sits above the two-year quarterly average of 238 sales.

Construction activity under way at the Gold Coast includes work on Robert Badalotti’s mega $2.3 billion Imperial Square project—which comprises a series of skyscrapers including the 108-level tower set to be one of Australia’s tallest buildings— expected to start in Southport.

And Sunland Group, which recently offloaded a 46.4-hectare subdivision site at Pimpama for $29 million, is tracking with sales at its $250 million high-rise project at Mermaid Beach.

Located on a 1,821sq m waterfront site, Sunland’s Soheil Abedian said it has sold 90 per cent of its 98-apartment tower project at 272 Hedges Avenue.





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Maple Wins Approval for Twin Towers on Coronation Drive

Maple Wins Approval for Twin Towers on Coronation Drive (1)

A twin-tower development overlooking the Brisbane River in the Quay Street precinct will kick off construction early next year after being given the green-light.

Maple Development Group is behind the $200 million Coronation Drive development, which will comprise 255 residential apartments, 168 five-star serviced apartments, commercial offices and retail across two 30 and 35-storey buildings.

A builder has not yet been appointed for the project, but Maple said it was in talks with “a number” of tier one contractors.

The developer had pursued an impact assessable application for the project challenging the local 20-storey height limit, after lodging its application last year.

Brisbane City Council resolved to approve Maple’s 35-storey proposal, which spans 57 Coronation Drive, 58-66 Quay Street, and part of 15 Exford Street in Brisbane City. The developer picked up the site for $16.75 million in 2015.

Maple Wins Approval for Twin Towers on Coronation Drive (2)


The project takes in the Davidson’s Residence, built in 1868, and is one of the last 19th-century residences in the Brisbane CBD, currently home to a backpackers hotel.

Rothelowman principal Jeff Brown said the 152-year-old heritage building is incorporated into the design, maintaining its original location.

“A lot of time was dedicated to planning, how we could maintain the heritage building, but celebrate its existence and give it a new function,” Brown said.

Maple, an arm of Beijing developer Peng Bo, launched its first Brisbane project in May 2018, with a 29-apartment block in Indooroopilly.

In recent years, Maple has purchased sites across Brisbane including two apartment projects in St Lucia and an apartment project in Woolloongabba.

The project team, led by Urbis, engaged Brisbane City Council through its Design Smart collaborative design process.

“As developers we are grateful for the opportunity to collaborate with council in this way,” Maple Development Group’s Gilbert Zhu said.

Forging ahead with its own plans in the post pandemic market, ASX-listed Dexus lodged an application for a $2.1 billion twin tower project at Eagle Street Pier on Brisbane’s riverfront.

State development minister Kate Jones said Waterfront Brisbane would “breathe new life” into a section of Brisbane’s riverside.

“As our economy begins the process of recovery from Covid-19 pandemic, it is so important to keep the momentum going with major projects that will deliver jobs,” she said.

If approved, Dexus plans to commence construction on the 9,000sq m riverfront Eagle Pier site in 2022 with the first stage to be delivered by 2026.





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Sunland Nears Sell-Out at Hedges

Sunland Nears Sell-Out at Hedges (1)

ASX-listed residential developer Sunland Group has sold 90 per cent of its $250 million Hedges Avenue high-rise on the Gold Coast.

The 1,821sq m waterfront site, located at 272 Hedges Avenue, was originally snapped up by Sunland for $13.4 million in June 2017, with the developer breaking ground on the 98-apartment residential tower late 2018.

Sunland noted that at the onset of the lockdown measures in late March, it struggled with construction supply chains, with the majority of its products being sourced from Italy.

Despite economic uncertainty, the development remains on track with Hutchinson Builders, who have been tasked to complete the development by mid-2022, pouring a new level on the tower each week.

Privately, Sunland managing director Sahba Abedian, along with wife Nava have dipped into Gold Coast market, snapping up a neighbouring 900sq m beachfront site on Mermaid Beach.

The Abedians picked up the twin-title property at 141 Hedges Avenue for $11 million late last month, on which a two-level house sits.

It remains unknown whether or not the beachfront property which holds a 22.5 metre frontage to the beach will be used for a private development or potentially geared towards a residential tower during the coming months.

Sunland Nears Sell-Out at Hedges (2)

Speaking as part of The Urban Developer’s In Conversation webinar series, Sunland co-founder Soheil Abedian said the company remained focused on establishing its next phase of the cycle, while maintaining a conservative balance sheet.

“[Sunland] works from the central focus of architecture, beauty and constantly questioning how can we contribute something to the built form,” Abedian said.

“Our industry is subject to cycles, it goes up and goes down, but if there is a focus on the fundamentals of architecture in development, it is very difficult for a development or project to go wrong.”

Abedian said that 90 per cent of its Hedges Avenue tower had now been sold, allowing the developer to look towards its future pipeline and grow its workbook.

“We are always looking for new opportunities, irrespective of the cycle going up and down, as long as they meet the prerequisites of Sunland,” Abedian said.

“We are not Stockland or Mirvac, we’re a boutique developer and make decisions based on our size and what we think is appropriate for the company.”

Sunland currently has 13 projects under way along Australia’s east coast and a $3 billion portfolio comprising 3,853 residential homes, urban land lots, multi-storey apartments, and an emerging retail and commercial portfolio.

“Australia is vast, the population is limited and the available land bank is shrinking because everybody wants to be centrally located within the country’s six biggest cities,” Abedian said.

“We look at an area like the Gold Coast which is a city seeing rapid annual population growth, and see huge potential.”

At Mermaid Waters, Sunland is now pressing ahead with a $240 million lakefront apartment development part of its masterplanned community The Lakes, a 42-hectare $1.3 billion project that will eventually have its own community and leisure-lifestyle retail village.

Sunland also has plans in front of council for a 16-level boutique apartment project located at 180 Marine Parade in Labrador.

The developer has also been actively recycling assets, earlier this month offloading an undeveloped portion of its 46.4-hectare subdivision site at Pimpama to over-50s resort developer Gemlife for more than $29 million.




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