Developer Sunland offloads Mariner’s Cove property in Main Beach on Gold Coast for $28m following international marketing campaign
The Mariner’s Cove retail and marina precinct in Main Beach is set to change hands after Sunland secured a $28 million buyer for the property.
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DEVELOPER Sunland Group has sold its Mariner’s Cove property in Main Beach to Ridong for $28 million.
The company said this morning in an ASX statement that the sale of the retail and marina precinct is conditional upon the agreement of the Queensland Government because the land is Crown leasehold.
Ridong has paid a $2.8 million deposit, which has been released to Sunland.
Mark Witheriff, of CBRE, negotiated the deal.
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Sunland said that once the consent of Minister for Natural Resources, Mines and Energy Dr Anthony Lynham has been obtained, settlement can take place after 14 days but no earlier than September 1.
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Sunland said it will release a profit of $7 million on the sale in the next financial year.
Managing director Sahba Abedian said the sale is consistent with its strategy of offloading non-core assets that do not align with its short-term goals.
The sale comes more than three years after plans for giant twin towers on the site were scuttled.
Sunland launched an international campaign to sell the 3.9ha site last year.
Sunland managing director Sahba Abedian said last year that the decision to take the Mariner’s Cove precinct to market followed the completion of The Spit Masterplan.
“The Spit Masterplan sets a clear direction for development within this unique and internationally recognised coastal tourism precinct,” he said.
“With much of The Spit to be dedicated to new parklands and tourism infrastructure, Mariner’s Cove presents the last available opportunity to deliver a high-grade resort within the tightly held precinct.”
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