Gold Coast shopping centre sold for $20 million

Gold Coast shopping centre sold for $20 million

A shopping centre owned by Sunland Group (ASX: SDG) in Mermaid Waters, Gold Coast, has sold for $20 million.

The Lakeview Retail Centre has been acquired by Bao Li Investments, with settlement to occur in August 2019 so long as certain legal requirements are fulfilled.

The sale of the property, which is located on Bermuda Street on a 1.601 ha site incorporating four freestanding buildings, comes just three months after the centre was first listed for sale in April.

The centre is anchored by a 7-Eleven Service Station, Fitness First Centre, Hoppy's Car Wash and Hungry Jack's Drive-Thru alongside a range of complementary retail tenancies.

The site adjoins Sunland's 42 ha development site called The Lakes where the listed property developer is delivering a $1.3 billion master planned community and leisure-lifestyle retail village over the course of the next decade.

Sunland managing director Sahba Abedian says the sale of the Lakeview Retail Centre will provide a healthy injection of capital for the company that can go towards the development of The Lakes.

"This is an opportune asset sale that will enable us to invest in the next stages of development within The Lakes master planned community," says Abedian.

"Our future retail development will adjoin and complement the broader community that surrounds the project."

Shares in Sunland Group are down 1.71 per cent to $1.72 per share at 2.22pm AEST.

Photo via Ray White

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