This article is from the Australian Property Journal archive
SUNLAND continues to offload its portfolio with the sale of its property at Carrum Downs in Melbourne’s south east for $17 million.
The group has entered into an unconditional contract with a yet to be disclosed buyer, this after its conditional sale of its Coolangatta property last Friday to famous architect Joe Adsett.
The 5.1-hectare Carrum Downs property, at the amalgamated 17-18 Pagett Rd, was acquired by the group in 2018 for $13 million. The site was initially planned as a terrace home development for 185 dwellings, with an estimated end value of $100 million.
Sunland announced its plans to divest 30% of its land portfolio, that was not yet in use, in October of this year, after a review of current market conditions.
This strategy is set to see the group convert assets to cash, repay all liabilities and return net asset value to its shareholders, over the next three years.
The settlement for the Carrum Downs property is scheduled for December of 2021.
