Marina Concourse: Sunland-built retail precinct sells to mystery buyer for $16.5m

Development giant Sunland Group have made another major move in the Gold Coast property market, this time with a significant retail precinct.

DEVELOPER Sunland has sold its Benowa retail precinct for nearly $17m.

The buyer, an “experienced” Gold Coast investor, beat out 168 inquiries from local and interstate investors to secure the Marina Concourse Village, one of the last properties held by the developer as it winds down.

The retail village comprises eight tenancies, including developer Home Corp, a childcare centre, swim school and a mix of retail and commercial tenants.

Marina Concourse, Benowa has been put on the market by Sunland Group.

The sale included the marina within the estate, which has room for up to 100 berths.

Kollosche Commercial sales agents Adam Grbcic and Tony Grbcic marketed the site and said it had attracted “healthy interest”.

“This property is unique,” said Adam Grbcic

“There is a rare mix of tenancies, so there was no real precedent for this property. A large portion of the precinct is occupied by purpose-built tenancies.

“The rights to the marina open up the further potential to build marina berths, a floating restaurant or activate the water with recreational water sports.”

Adam Grbcic.

Sunland announced in October, 2020, it would wind down its business operators as early as 2023 once its current projects were completed.

Since late 2019, the company has sold off 10 sites in Queensland, NSW and Victoria, securing $300m-plus.

In October 2021, it sold its long-planned The Lanes shopping retail village project for $45.8m to Sydney-based developer Panthera Group.

Kollosche also facilitated the sale.

The respected development company in January 2021 sold the Greenmount Beach resort to Arium Group, a private company linked to Sunland founder Soheil Abedian and his son, Sunland managing director Sahba Abedian.

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