Gold Coast development: Sunland Sells Greenmount Beach Resort for $42.3m to Abedian-linked company

Developer Sunland Group has sold the Greenmount Beach Resort site for more than $40 million. The buyers are not who you would expect.

SUNLAND Group has sold the Greenmount Beach Resort site to a private company linked to the developer’s own managing director and founder.

The publicly listed company announced to the stock market this morning that it had sold the site – which overlooks Snapper Rocks – for $42.3 million to Arium Group, which both Soheil and Sahba Abedian have an interest in.

Arium’s bid was one of eight considered by Sunland from 120 inquiries received from an international expression of interest campaign.

The deal is expected to settle in April 2022, with the company expected to make an after-tax profit of $7.1 million.

The decision will be subject to a decision by Sunland shareholders.

Sahba and Soheil Abedian. Picture: Tertius Pickard

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Because of the involvement of its senior executives in the bid, Sunland was forced to create an independent board committee made up of its non-executive directors and excluding both Soheil and Sahba Abedian to review the terms of the bids.

Sunland in 2017 lodged plans for a $370 million, two towers project of between 14 and 17 storeys with 247 apartments overlooking Coolangatta Beach.

The Greenmount Resort at Coolangatta. Pictures: Sunland

However, the development group went back to the drawing board after proposed changes to the City Plan and did not end up lodging the revised plans.

The property overlooks the famous Snapper Rocks surf break and is a short walk from three world-renowned beaches. It has easterly views over Rainbow Bay, views over the Tweed River to the south and Coolangatta and Kirra beaches to the west.

Sunland put the site on the market in November 2020 following a major review of its organisation involving the sale of undeveloped assets to return cash to shareholders and the completion of current projects by June, 2023.