Sunland buys Greenmount Beach Resort for $26 million

ONE of the Gold Coast’s oldest resorts could soon be demolished, with major developers Sunland buying the Greenmount Beach Resort for $26 million.

Greenmount Beach Resort. Pic John Gass

ONE of the Gold Coast’s oldest resorts could soon be demolished, with major developers Sunland buying the Greenmount Beach Resort for $26 million.

The 36-year-old, nine-level property at Coolangatta could be replaced by several buildings with Sunland primed to submit development approvals to the Gold Coast City Council.

In an ASX statement released this morning, managing director Sahba Abedian said the resort would continue to operate as usual until the plans had been approved.

Greenmount Beach Resort. Picture: John Gass

“This is an exceptional site in a vibrant beachside community,” he said.

“We see great opportunity on the southern Gold Coast, where the surge in urban renewal and investment is accompanied by a collective understanding that preserving the vibrant village atmosphere of these communities is fundamental to their success.

“Our vision for this landmark site is to conceive an architectural outcome which complements the existing scale, character and beauty of Coolangatta, while contributing to its ongoing renaissance.”

Sunland’s other developments on the Gold Coast include Magnoli Residences development in Palm Beach, The Lakes in Mermaid Waters, The Heights in Pimpama and Parkway in Sanctuary Cove.

The resort was last sold two decades ago to Singaporean Gertrude Guok, who bought it for $7.8 million.

It was put to market by the Guok family in 2005 but without the use of agents and without a quoted asking price.

Greenmount, which overlooks Coolangatta and Rainbow Bay, traces its history back to 1904 when Irishman Patrick Fagan built the first section of a guesthouse and named it after his birthplace.

The enlarged guesthouse was demolished in 1978 and replaced by the existing structure.