This article is from the Australian Property Journal archive
ASX-listed Sunland has sold The Lanes retail precinct development on the Gold Coast to New South Wales-based Panthera for $45.8 million, putting all of its undeveloped sites now under contract.
The agreement will see Panthera required to develop the land in accordance with the approved development plans for the precinct. Sunland will deliver the area available to be leased, car parking and residential bedrooms available under the development approval.
Panthera will be assigned the benefit of any existing leasing arrangements.
“Panthera Group is strongly aligned and an ideal property partner to execute the vision of The Lanes Retail precinct with strong capabilities to create community enriched experiences,” Sunland said.
Sunland will continue with the Lanes development through to settlement for the sale of the lot, including subdividing the overall area to create the lots being purchased which is a condition precedent to settlement. Settlement is to be 90 days after the later of Sunland providing title to the land and 20th March 2022.
The Queensland-based developer is expecting to generate a profit of about $26.3 million from the sale. It has been divesting undeveloped sites with the hopes of boosting its share price, and has sold Gold Coast properties Lanes Childcare, Heights Development Land, and Marine Parade over the past 12 months.
The off-market sale, which includes the central lake, was negotiated after tge introduction of the buyer by Kollosche Commercial, Broadbeach.
