Sunland list final ‘piece of puzzle’
LEADING developer Sunland will sell the giant riverfront towers which house its headquarters – considered the “final piece of the puzzle” for winding down the company in its current form.
The $82m Marina Concourse complex at Benowa has been put on the market by the development company which built the iconic Q1 and Palazzo Versace projects.
Sunland founder Soheil Abedian said the Ross St complex was the company’s last remaining property.
“This is the final piece of the puzzle but we have not closed as a company so we will still have our offices,” he said.
“We have already had a significant response from the market and have no doubt that, even before tenders close, there could be a satisfactory response which would suit Sunland.”
Mr Abedian said the complex’s tenants, which include restaurants, a childcare centre and swimming pool, generated more than $1.1m in revenue each year.
The project is being marketed by Tony and Adam Grbcic from Kollosche Commercial.
It includes both the 2.6ha lake which could be used to build a marina and the 2.8ha towers and neighbouring building.
Existing tenants are the Baildon’s Superfish Swim School, Double Barrel Kitchen, Sunkids childcare centre and developers Sunland Group and HomeCorp Construction.
Adam Grbcic described it as a “blue chip offering with a lot of upside”.
“This is one of the most exciting offerings we have had and there is still land in it which can be developments,” he said.
“There has not been anything like this on the market which offers safe and secure tenures with a prominent location and development potential.” An expression of interest campaign will run until June 9.
The complex was built less than a decade ago and has been the company’s Gold Coast base.
Sunland announced in October, 2020, it would wind down its business operators as early as 2023 once its current projects were completed.
Since late 2019, the company has sold off 10 sites in Queensland, NSW and Victoria, securing $300m-plus.
In October 2021, it sold its long-planned The Lanes shopping retail village project for $45.8m to Sydney-based developer Panthera Group.
The respected development company in January 2021 sold the Greenmount Beach resort to Arium Group, a private company linked to Mr Abedian and his son, Sunland managing director Sahba Abedian.