This article is from the Australian Property Journal archive
DEVELOPER Sunland has sold its vacant Coolangatta property for $12.8 million to famous architect Joe Adsett.
The group has entered a conditional contract for the sale of 154-156 Marine Parade Coolangatta, a vacant development site that adjoins to Sunland’s Greenmount Beach Hotel. The Hotel is also currently on the market.
After it was reported in August that shelved developments cost the group $8.5 million. With Sunland reporting a full year net profit of $2.4 million, compared to the previous corresponding periods $17.7 million.
The purchaser is a company associated with Joe Adsett Architects. The contract is conditional upon the parties agreeing certain access rights and easements, which is expected to be finalised in early 2021.
After this the settlement is due to be completed by 30 September 2021.
