Gold Coast’s Brett Frizelle and Titans patron Darryl Kelly buy Sunland Group’s development sites at The Lanes for $32.75m

Two high-profile Gold Coast businessmen, with links to the Gold Coast Titans, have bought all remaining land in Sunland Development Group’s central Gold Coast project The Lanes for $32.75m.

Kathleen Skene

2 min read

August 25, 2021 - 9:27AM

Gold Coast Bulletin

Artist impression of Sunland's The Lanes development on the Gold Coast.

TWO high-profile Gold Coast businessmen have bought all the remaining waterfront land in Sunland Development Group’s central Gold Coast project The Lanes for $32.75m.

In an announcement to the ASX on Wednesday, Sunland said car dealership king Brett Frizelle had partnered with Gold Coast Titans co-owner and board member Darryl Kelly to purchase the two lots, which sit on 2.2ha.

Mr Frizelle is husband of Rebecca Frizelle, a Sunland board member and Gold Coast Titans co-owner and board member.

The blocks, which have approval for towers up to 12 storeys with almost 1500 bedrooms, were the final two in the precinct, with an expressions of interest campaign closing on August 18.

Gold Coast Titans co-owners Darryl Kelly and Rebecca Frizelle.

Sunland said the sale of lots 909 and 915 of its Mermaid Waters development followed a public expression of interest campaign and was still subject to shareholder approval.

The company said Ms Frizelle had been, and would continue to be, excluded from the board’s consideration of the matter.

Under the agreement, the buyers will pay a $3.27m deposit for the two blocks, which are selling for $19m and $13.75m respectively.

The sale would be settled in August next year if it goes ahead.

The Bulletin has contacted Mr Kelly, Mr Frizelle, Ms Frizelle and Titans chairman Dennis Watt for comment.

The development is a master planned community developed over 42 hectares and comprising waterfront homes, townhomes, mid-rise residential buildings and a new retail, wellness and lifestyle precinct.

Lot 909 has approval for buildings up to 12 storeys, with up to 512 bedrooms in 190 apartments across two towers on the lakefront.

Lot 915, also on the lakefront, has approval for 964 bedrooms.

Artist impression of Sunland Group's The Lanes Retail Village at The Lanes.

Sunland said funds from the sale would go towards working capital, to repay liabilities, and for returning net asset value to shareholders.

The announcement follows the sale of Sunland’s Greenmount resort for $42.3m to a company associated with Sunland founder Soheil Abedian and other family members including his son, Sunland managing director Sahba Abedian.

Sunland reported its annual financial results at the same time as announcing the proposed sale at The Lanes, reporting net profit of $24.9m, up tenfold from $2.4m in FY2020.

Shareholders will receive a generous 20c franked dividend, which includes a 16c special dividend. It takes the full-year dividend to a healthy 50c.

Sunland has been steadily selling assets, including sites at Mariners Cove at Main Beach, Marine Pde Labrador and Greenmount and the group’s office premises in Brisbane.