Sunland buys Gold Coast beachside development site for $13.4 million

Listed property developer Sunland Group have bought a beachside site at the prestigious Hedges Avenue on the Gold Coast for $13.4 million with plans for a $210 million 40-storey residential tower.

The 1,821 sqm site is located at 272-276 Hedges Avenue in Mermaid Waters, Sunland said in an ASX announcement. 

It is close to The Star casino and resort complex and the Pacific Fair shopping centre.

Sunland managing director Sahba Abedian said the group wanted to design the tower to specifically cater to the owner-occupier market with high-level finishes and amenities.

The apartment mix would be two-bedroom to four-bedroom units. 

“Sunland intends to lodge a Development Application in the coming months, with a vision to deliver a boutique 40-storey residential tower comprising approximately 90 apartments,” said the ASX release.

Sunland is betting big on the Gold Coast market, with four proposed developments in the city.

The Gold Coast has seen a surge in infrastructure projects ahead of the Commonwealth Games in 2018.

Sunland’s other development on the Gold Coast include a luxury apartment project Marina Concourse in Benowa and a terrace home development called The Heights Residences in The Heights master-planned community in Pimpana.

Its portfolio of developments is estimated at $4 billion.

Earlier this year, Sunland reported a 45 percent jump in profit to $5 million for the half-year ended December 31, driven by a robust increase in settlements.

Sahba Abedian recently listed his luxury riverfront apartment in Newstead. The three bedroom apartment is in the Mirvac-built Pier Waterfront, the Property Observer reported.