Sunland cements Gold Coast holdings with neighbouring $13 million Mariners Cove purchase
Gold Coast developer Sunland – which has pretty much returned home from its troubled Dubai foray – has purchased Mariners Cove and Marina at Main Beach at a discounted $13 million.
The purchase follows its recent move to take complete ownership of the nearby Palazzo Versace.
Industry sources were expecting $20 million for Mariners Cove, which has been in the hands of receivers since late 2009.
SP Marina, a joint-venture of The Raptis Group and City Pacific, had paid $49 million for Mariners Cove in 2007.
"We strongly believe that the location of Mariners Cove and Marina is among one of the premier locations in Australia and we are confident that the redevelopment opportunity will benefit Sunland's future portfolio pipeline,'' Sunland managing director Sahba Abedian says.
Abedian notes that the Mariners Cove and marina centre is a strategic asset and says the group views to own it for the long term.
The group has no immediate plans to develop the centre and believes that there is an opportunity to optimise the income from the existing retail and marina leases in the short to medium term.
The site comprises 1.15 hectares of land lease and 2.8 hectares seabed lease, with 102 marina berths.
Mariners Cove is located in a prime position on the Broadwater of the Gold Coast and is adjacent to the Marina Mirage Retail precinct and Palazzo Versace Hotel.
The site sold through public tender through receivers McGrath Nicol.
Settlement is due on December 24, 2011.
