This article is from the Australian Property Journal archive
ASX-listed Sunland is selling more land within its $1.3 billion master-planned community in Mermaid Waters, striking a $16 million deal with Gold Coast-based developer Roycorp Group.
The sale of Lot 917 at The Lanes is due to settle in October 2022 and is expected to generate $4.2 million after tax for Sunland.
It comes just a week after the group announced the divestment of the last waterfront lots in the project, spanning 2.2 hectares to car dealership identity Brett Frizelle and Gold Coast Titans co-owner and board member Darryl Kelly for a combined $32.75 million.
Those sites are approved for towers rising up to 12 storeys and with nearly 1,500 bedrooms.
Frizelle is the husband of Sunland board member and another Titan co-owners and board member, Rebecca Frizelle.
The Lanes is a 42-hectare master planned community and will be home to the central Gold Coast’s first new shopping centre in more than 25 years when it opens in early 2023. The group has expanded its plans for the complex from 7,000 sqm to 12,500 sqm.
Late in July, Sunland offloaded $35.3 million in properties in Ingleside in the Northern Beaches that will inject around $11.9 million in profit to its FY22 results.
Investors have reaped the rewards of Sunland’s strategy of selling inventory currently not under development. They are set to receive a 50c dividend for FY21 including special dividends.
