This article is from the Australian Property Journal archive
SUNLAND has sold the Lakeview Retail Centre in Mermaid Waters to Bao Li Investments for $20 million.
Located on a 1.601 ha site on Bermuda St in Mermaid Waters, the centre includes four freestanding buildings with a combined lettable area of 3,864.6 sqm and 297 car parks.
The centre is anchored by a 7-Eleven Service Station, Fitness First Centre, Hoppy’s Car Wash and Hungry Jack’s Drive-Thru alongside a range of complementary retail tenancies.
It also adjoins Sunland’s 42ha $1.3 billion development, The Lakes.
Sunland managing director Sahba Abedian said the sale presented an opportunity for the group to allocate capital toward the broader strategic asset of The Lakes development.
“This is an opportune asset sale that will enable us to invest in the next stages of development within The Lakes master planned community, with the launch of The Lanes Retail Village and The Lanes Residences later this year,” Abedian said. “Our future retail development will adjoin and complement the broader community that surrounds project.”
Settlement is anticipated to occur in August pending the issuance of a new certificate of title following the registration of plan of subdivision, a new building management statement, and certain easements required for the site.
