Sunland Group selling its Lakeview retails centre at The Lakes, opposite new site The Lanes

Sunland Group has put a retail precinct at its giant The Lakes project at Mermaid Waters on the market as it focuses on developing a major new retail and office area.

Sunland Group's commercial precinct Lakeview. Photo: Supplied

THE Sunland Group has put the existing retail precinct at its giant The Lakes project at Mermaid Waters on the market as it focuses on developing a major new retail and office area.

The move to sell the Lakeview Retail Centre comes a week after the listed group started civil work on adjacent land at The Lakes.

The earthworks are step one in developing a $200 million, 17,000sqm retail and lifestyle village, The Lanes.

Sunland Group's commercial precinct Lakeview. Photo: Supplied

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Sunland chairman Soheil Abedian yesterday said the decision to sell the Lakeview asset was in part spurred by approaches from would-be buyers.

“There’s a very strong demand for retail properties and that’s reflected in the yields being achieved.

“Other Gold Coast retail properties have sold at yields around the 5 per cent mark.”

The Brickworks in Southport sold at a 5.09 per cent yield in November 2017 and a sale of the Benowa Village centre quickly followed at a 5.08 per cent yield.

Sunland acquired the Lakeview centre in 2014 as part of its $61 million buy of a 42ha swath of land, at the time tagged Lakeview, from Sydney’s Scheinberg family.

Mr Abedian said Sunland had since filled vacancies and carried out refurbishments.

The four-building Lakeview centre, which fronts Bermuda St, is being sold via an expressions of interest campaign run by father-and-son team Tony and Adam Grbcic, of Ray White Broadbeach.

The centre has net income of $1.92 million.

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