Sunland caps $146 million success at twin-tower Palm Beach project Magnoli by selling management rights for $3m
Sunland has capped a $146 million sellout success at twin-tower Palm Beach project Magnoli.
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THE Sunland Group has capped a $146 million sellout success at twin-tower Palm Beach project Magnoli by achieving close to $3m for the management rights.
Mike and Sue Bell have bought the rights on the heels of selling the rights to Ephraim Island at Paradise Point.
Paul Mueller, of Resort Brokers, yesterday said the $2.85 million Magnoli deal was at 5.9 times earnings.
“That multiple reflects that the management rights business on the Gold Coast is extremely healthy.”
The Magnoli towers, fronting the Gold Coast Highway and 75 metres from the beach, have 204 apartments and sit on part of a former holiday park.
Shareholders to vote on sale of $32M development
Sunland shareholders will vote next month on whether or not to sell its flagship Mermaid Waters development The Lakes for $32.75m.
In a statement to the ASX this morning, shareholders were told an extraordinary general meeting would be held at RACV Royal Pines on December 23, where they would have the chance to vote on the proposal, announced by the company in August.
Sunland said car dealership king Brett Frizelle had partnered with Gold Coast Titans co-owner and board member Darryl Kelly to purchase the two lots, which sit on 2.2ha.
Mr Frizelle is husband of Rebecca Frizelle, a Sunland board member and Gold Coast Titans co-owner and board member.
The blocks, which have approval for towers up to 12 storeys with almost 1500 bedrooms, were the final two in the precinct, with an expressions of interest campaign closing on August 18.
The first residents moved into the $1.6bn development in July.
Twelve hundred residential titles and a shopping centre were planned to be developed at The Lakes, bought by Sunland for $91m and described as a flagship project in the vein that its Palazzo Versace and the Q1 super-tower were in their day.
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