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

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

A game changer? Aspiring to the new standard on workplace mental health
Partner Content
Work health and safety regulators have been more active in the area of mental health ri...
Aon
Advertisement

Related Stories

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

Pacific Fair sale puts the spotlight on buyers for Dexus’ minority stake

The Gold Coast’s Pacific Fair shopping centre, fresh from pla...

Olivia Newton-John's Byron Bay resort sold to Twiggy Forrest

Olivia Newton-John's Byron Bay resort sold to Twiggy Forrest

Mining magnate Andrew 'Twiggy' Forrest's investment fir...

Qantas dusts off fleet to resume international flights ahead of schedule

Qantas dusts off fleet to resume international flights ahead of schedule

Qantas Airways (ASX: QAN) is gearing up to spread its wings much ea...

Start-ups ready for orbit aboard Space Machines Company’s first mission

Start-ups ready for orbit aboard Space Machines Company’s first mission

The start-up world is clamouring for its place in orbit with Austra...