Palm Beach, Gold Coast mobile home site sells to rejuvenated Sunland

Developer Sunland Group has purchased a 4.7 hectare urban renewal site at Palm Beach on the Gold Coast for $18.4 million.

Sunland managing director Sahba Abedian said it would start on medium rise construction in early 2015 at the Palm Beach Mobile and Tourist Park on the Gold Coast Highway.

The Palm Beach development will comprise 162 luxury apartments in buildings under nine stories and 86 town homes.

Mostly targeting owner-occupiers, the town homes will be priced from around $600,000 and the apartments from around $500,000. 

It was sold by the Pryke family for the past four decades since costing $300,000 in 1973.

It will close in August following the sale through Darrell Irwin of Colliers International.

The Palm Beach project follows a strong sales by Sunland at its latest medium-rise Gold Coast project, the Marina Residences at Royal Pines.

Sunland, developer of the Q1 superpower, had its last foray in the southern Gold Coast at The Parc residential community adjacent to John Flynn hospital, which was completed about four years ago.

The Palm Beach project brings to about $1 billion the value of new development projects planned by Sunland for the Gold Coast, including a major $350 million redevelopment planned for Mariners Cove at the Southport Spit that has yet to be revealed.