Property Development

Sunland Offloads 3.9ha Marina at The Spit

Written by The ReReport
As seen in the Source link, written by theurbandeveloper.com on 2019-10-18 18:12:08

ASX-listed developer Sunland is offloading its 3.9-hectare Mariner’s Cove retail village and marina precinct at The Spit on the Gold Coast.

The waterfront site, located adjacent to the Sunland-developed Palazzo Versace hotel, has frontage to the Broadwater and comprises the 4,278sq m Mariner’s Cove retail village and Mariner’s Cove marina.

Sunland acquired the 1.15-hectare land lease and 2.8-hectare sea-bed lease with 102 marina berths in 2011 for just $13 million through a public tender from receivers acting on behalf of SP Marina.

The developer is marketing the sale as The Spit’s “last available” development opportunity after the completion of The Spit masterplan, tapping Knight Frank’s Mark Witheriff and James Branch to manage an international expressions of interest campaign.

Sunland managing director Sahba Abedian said that capital from the sale will be redeployed to Sunland’s core business—its growing south-east Queensland portfolio. The developer turned to the market last month to raise $50 million for more projects aimed at owner-occupiers.

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