Sunland understood to have acquired potential development site on Gold Coast’s Millionaire’s Row

THE high life on Hedges Avenue looks set to soar even higher with the developer of the Q1 supertower staking a claim on the Gold Coast’s millionaires row.

Sunland — owned by Soheil and Sahba Abedian — have bought a site on Millionaire’s Row. Pics Tara Croser.

THE high life on Hedges Avenue looks set to soar even higher with the developer of the Q1 supertower staking a claim on the Gold Coast’s millionaires row.

Sunland Group is understood to have put its foot on almost 2000sq m at the northern tip of the city’s famous strip of luxury beachfront mansions at Broadbeach.

The Hedges Avenue holding believed to be under contract is across the road from beachfront parkland and its uninterrupted ocean views can never be built out.

Adjoining the Stella Maris Catholic Church, it is occupied by two old-style, low-rise blocks of flats and is ripe for redevelopment.

The Hedges Avenue holding that Sunland Group is believed to have under contract.

According to industry sources, the Hedges Avenue site — spanning two properties of 640sq m and 1181sq m — could accommodate an apartment tower of up to 30 storeys.

And being along one of the most expensive stretches of real estate in Australia it is estimated it could change hands for “circa $15 million”.

Sunland Group could not be contacted yesterday.

The listed developer is renowned for changing the Gold Coast’s skyline with its Q1 supertower and putting haute couture into hotels with Palazzo Versace.

It has shifted focus over the past few years with a handful of acquisitions of significant development sites on the southern Gold Coast.

Buyers have responded strongly to Sunland’s final release at Royal Pines, Marina Concourse.

The move has come amid warnings that the apartment market on the southern end of the Coast is facing a potential undersupply.

In 2014, Sunland purchased the Palm Beach Mobile and Tourist Park in an $18.4 million deal, which it plans to transform into Magnoli Residences — a luxury residential community.

That purchase was followed later the same year with the acquisition of a 42ha site at Mermaid Waters for $61 million and now earmarked for the $850 million The Lakes project.

Sunland is also awaiting council decision on it’s The Mariner development on The Spit

Then, early last year, it secured the landmark Greenmount Beach Resort overlooking Coolangatta and Rainbow Bay in a $26 million deal.

“We see great opportunity on the southern Gold Coast,” Sunland managing director Sahba Abedian said at the time.

The group’s latest play at Broadbeach follows a string of multi million-dollar sales along Hedges Avenue over the past 12 months.