Sunland sells its Lakeview Retail Centre to Bao Li Investments for $20 million in just three months
A Gold Coast listed developer has made a quick $20 million selling a new shopping centre precinct in the heart of the city.
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DEVELOPER Sunland has sold its Lakeview Retail Centre in Mermaid Waters for $20 million.
In an announcement to the ASX this morning, Sunland said the centre, near its $850 million project The Lakes, had been purchased by Bao Li Investments, with settlement expected in August.
It was listed for sale in August, when the company said it was looking to develop its $200 million new major retail and office centre, The Lanes.
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.
Bao Li Investments’ director is Chinese-born Baoling Chen, 45, of Clear Island Waters, who shares ownership of the company with Jianping Zhang of the same waterfront mansion address.
The settlement depends on a new certificate of title being issued, following registration of plan of subdivision, a new building management statement, and certain easements required for the site.
“A 10 per cent deposit has been paid and there is a sunset date of six months from the date of the contract for the new title to be issued,” the statement said.
Lakeview Retail Centre is located on a prime 1.601 ha site on Bermuda Street in Mermaid Waters and incorporates four freestanding buildings with a combined lettable area of 3,864.6 sqm and 297 car parks.
The centre is anchored by a 7-Eleven Service Station, Fitness First Centre, Hoppy’s Car Wash and Hungry Jack’s Drive-Thru alongside a range of complementary retail tenancies.
It also adjoins Sunland’s 42 ha development site ‘The Lakes’, where the Group is delivering a $1.3 billion master planned community and leisure-lifestyle retail village over the course of the next decade.
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Sunland Group managing director Sahba Abedian said the sale of Lakeview Retail Centre presented an opportunity for the Group to allocate capital toward the broader strategic asset of The Lakes development.
“This is an opportune asset sale that will enable us to invest in the next stages of development within The Lakes master planned community, with the launch of The Lanes Retail Village and The Lanes Residences later this year,” he said.
“Our future retail development will adjoin and complement the broader community that surrounds project.”
In February, Sunland said it would take a more conservative approach in the coming year after a softening property market and a drastic writedown on a major project left it likely to fall short of its $27-$30 million profit guidance for the financial year.
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