Gold Coast development: Sunland’s The Lakes project will be a ‘flagship’ like Q1 and Palazzo Versace

Leading Gold Coast developer Sunland has already made back the $61 million it spent on this site. Now the company behind Q1 is preparing to unleash billions of dollars worth of development on the site.

THE term money-back guaranteed is proving a major understatement for the Sunland Group at its giant The Lakes project at Mermaid Waters.

The listed company appears already to have recouped the $61 million it paid for The Lakes land, on which it’s barely scratched the surface in development terms.

Twelve hundred residential titles and a shopping centre are yet to be developed at The Lakes, described by Sunland as a flagship project in the vein that its Palazzo Versace and the Q super-tower were in their day.

NEW CHILDCARE CENTRE PLANNED FOR LANES DEVELOPMENT

The Bermuda St site of The Lakes owned by Sunland

REVAMPED PLANS FOR THE LANES TOWERS

The high-profile 42ha The Lakes site was bought in 2014 after much ogling over the years by Sunland and it always has looked a canny buy.

Indeed, many other developers probably still are kicking themselves for missing the chance.

The land’s size and position – it’s in the heart of the city and fronts two major thoroughfares – has stirred the interest of major groups, some from offshore, for many years.

FIRST LOOK AT $200 MILLION SUNLAND SHOPPING CENTRE

Artist impression of The Lanes Shopping Centre proposed by Sunland Picture: Sunland Group

HOW SUNLAND’S $250 MILLION FOUR TOWER PROJECT WILL UNFOLD

Sunland, in what may well have been a case of being on the ball and being financially strong enough to able to settle quickly, beat them all to the prize.

That prize was the major part of a 50ha parcel bought by Sydney’s Albert Scheinberg for $900,000 in 1972 from Merrimac farming family the Firths.

The Scheinbergs’ Leslie Corporation (Interstate) tried for years to offload the site, at one stage with a 130-year lease in place, and reportedly rejected a $110 million offer. 

FULL LIST: $14B DEVELOPMENT WAVE COMING TO COAST

Artist impression of The Lanes Residences proposed by Sunland for a site at Clear Island Waters. Picture: Sunland Group

Albert died in 2008 and the Best and Less founder’s family sold what was then called the Lakeview site as part of an asset sell-off designed to let family members go in their own directions.

The Lakeview winner was Sunland, which wasted no time recouping its $61 million.

It quickly sold off 41 housing lots for $33 million in 2015 and then went on to build and sell 70 townhouses worth $63 million.

Sunland Group's commercial precinct at The Lakes was sold for $20 million. Photo: Supplied

The success run’s continued with last month’s $20 million sale of the Lakeview Retail Centre fronting Bermuda St.

The flow of money into the Sunland coffers has now paused, possibly until 2022 and the completion of the first of The Lakes’ eight stages of apartments, tagged The Lanes Residences.

Stage one is intended to consist of four towers of up to 12 levels and providing 310 apartments.

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The towers will be built over eight stages.

It remains to be seen whether Sunland, which never has been a holder of retail assets, will retain the project’s The Lanes retail and commercial precinct.

The groundwork on the precinct already is under way on land abutting the just-sold Lakeview centre, which was up and running when Sunland did its Scheinberg deal.

Meanwhile, apartment dwellers eyeing the chance to make The Lakes their new home have a while to wait.

Earthworks and civil works are under way around the edge of the project’s expansive lake in preparation for a start on the basements but the initial apartment towers might not be completed for three years.

OTHER BUSINESS NEWS

Artist impressions of a proposed retirement community with several towers planned for Sickle Ave, Hope Island. Picture: Supplied

 * THE buyers of Hope Island’s ill-fated Village Square site are Brisbane group Greenfort Capital and a Hong Kong partner who operate the Reside Living retirement village group.

GreenFort and Gaw Capital are on a journey to develop a $600 million pipeline of Australian retirement projects and already own Brisbane sites.

The 3.4ha Village Square site, which has a long waterfront, has been bought for $17.025 million and is earmarked for 348 retirement units in eight-level buildings.

A new tower could be coming to Main Beach. Picture: Jerad Williams

* THERE are suggestions developer Brian Heran is getting all his ducks in a row to launch a beachfront apartment tower at Main Beach.

He’s planning a 20-level building with 55 apartments on the corner of Main Beach Pde and Woodroffe Ave and reportedly already has appointed marketing agents.

The 1260 sqm site, once owned by hypnotist the late Frank Quinn (stage name The Great Franquin) was bought for $8.25 million six years ago. 

Surfers Paradise Golf Club. Picture Mike Batterham

* NIGHT lights look set to shine down on those members of the Surfers Paradise Golf Club who would rather hit golf balls than sleep.

The club’s taking steps to install floodlights beside its practice green and fairway and wants to keep them on until 11 at night.

The planned investment indicates a move last year by a couple of enterprising fellows to get the club to move to The Glades course at Robina is dead in the water.