This article is from the Australian Property Journal archive
HAVING had hopes for a striking $600 million dual-tower project dashed, ASX-listed Sunland Group has listed the Mariner’s Cove Retail Village and Marina in controversial Gold Coast precinct The Spit to the market.
Spanning 3.95 hectares, the waterfront Gold Coast site comprises the 4,278 sqm retail village and the 102-berth Mariner’s Cove Marina and is being marketed through James Branch and Mark Witheriff of Knight Frank via expressions of interest closing 28th November.
“The Mariner’s Cove Retail Village is the largest coastal strip development opportunity on the Gold Coast, combining prime waterfront land with an established and highly popular marina precinct,” Branch said.
Sunland managing director, Sahba Abedian said the decision to take the Mariner’s Cove precinct to market follows the completion of The Spit Masterplan, released in May.
“With much of the Spit to be dedicated to new parklands and tourism infrastructure, Mariner’s Cove presents the last available opportunity to deliver a high-grade resort within the tightly held precinct.”
Abedian said capital from the sale of the site will be redeployed to Sunland’s south-east Queensland portfolio of residential land, housing, apartment and integrated retail developments.
Mariner’s Cove is adjacent to the five-star Palazzo Versace Hotel, delivered by Sunland Group in 2000, and opposite the Sheraton Grand Mirage Resort. Sea World theme park is located about 1.8 kilometres to the north.
The state government’s masterplan for The Spit includes more than $200 million of commercial development, including retail, bars and dining, fresh seafood centre, new marina and waterfront precinct and an Aboriginal heritage centre. A $60 million commitment has been made by the state along with $50 million from Village Roadshow, which owns Sea World, and $35 million from Gold Coast City Council.
The Spit had long been touted as a billion-dollar cruise ship terminal site, generating heated discussion at local and state government level, as well as subject to multiple redevelopment submissions including for a $3 billion integrated resort by ASF.
Branch said future developments of the Sunland site could include components of both a 5-star hotel and residential apartments, maximising the benefits of the existing marina and high-grade marina facilities suitable for use by the growing super yacht market, as proposed by the Spit Masterplan.
Sunland’s controversial proposal for the 44-storey towers, designed by the late Zaha Hadid, was revealed in the middle of 2015 and was to feature 785 apartments, and brashly flaunted The Spit’s development height limit of three storeys. Sunland eventually withdrew the unlikely project.
