Gold Coast property: Developer Sunland lists Greenmount Resort in Coolangatta for sale
Sunland, in the midst of a sell-off of its assets, is selling a Coolangatta resort that is expected to attract major interest from Australian and international developers and hotel operators.
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DEVELOPER Sunland will kick off a campaign this Friday to sell the Greenmount Hotel in Coolangatta overlooking one of the world’s best surf breaks.
In October Sunland flagged 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.
The Greenmount sale campaign follows the sale of a near 1200sq m block adjoining the hotel site.
Kollosche’s Adam Grbcic and Tony Grbcic have been tasked with marketing the site in an expressions-of-interest campaign starting on Friday and finishing on December 17.
Adam declined to comment to the Bulletin on price expectations for the site.
However, he said they expect significant interest to come from both overseas and within Australia.
“We think there will be lots of interest from the capital cities,” he said.
“I think a big hotel group will look at it because of its location.”
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.
Adam said it is “the best site I have ever seen”.
“It has a northern ocean aspect. I do not think there is another parcel in Queensland with a northern ocean aspect (for sale),” he said.
“The sea wraps around the site form the north, east and the west so each unit gets ocean views.”
Sunland bought the site, home to a 151-room hotel built in 1980, in 2016 for $28 million.
It has three street frontages to Hill, Eden and Boundary streets and is situated in a high-density residential zone allowing for one bedroom per 25sq m of site area.
Adam said the hotel offers “strong holding income” to buyers while waiting for development plans to be approved.
Sunland in 2017 lodged plans for two towers of between 14 and 17 storeys with 247 apartments overlooking Coolangatta Beach.
However, the development group, led by Soheil and Sahba Abedian, went back to the drawing board after proposed changes to the City Plan and did not end of lodging the revised plans.
Adam said the parcel is able to be subdivided into four or five smaller lots, each able to take a 12-storey tower.
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