Gold Coast development duo Soheil and Sahba Abedian have lodged a revised development application for the Greenmount Beach House Resort at Coolangatta, with plans to release the luxury residential project to the market next year.
The father-and-son team, comprising the chairman and managing director respectively of Sunland Group (ASX: SDG), are undertaking the project through private company Arium Group which acquired the 8,260sqm Greenmount site from Sunland in 2021 for $42.3 million.
Arium is planning a 15-level development on part of the site bounded by Hills Street and Eden Avenue which will ultimately lead to the demolition of the existing nine-storey Greenmount Resort - a three-star hotel property that has been a mainstay of the southern Gold Coast’s tourism offering at Coolangatta for the past 43 years.
The proposed first stage will be built on the western side of the existing resort on 2,934sqm largely occupied by the hotel carpark and will form part of a three-stage plan for the Greenmount precinct.
The private development plans by the Abedians, creators of landmark Gold Coast projects such as the Q1 and Circle on Cavill, come on the heels of Sunland Group edging closer to winding down its operations with a potential delisting from the ASX on the cards.
Sunland, which this year delivered $1.40 in dividends to shareholders from the sale of assets and development profits, announced in February that by 30 June it will have no new or active projects or material business assets remaining.
Sunland had previously undertaken preliminary steps in 2017 to redevelop the Greenmount site after acquiring it a year earlier for $26 million.
Sunland has subsequently sold a separate parcel next to the strategic site, a 1,194sqm parcel on Marine Parade, to design firm Joe Adsett Architects for about $12 million. Adsett has since begun development of the $100 million Rockpool Rainbow Bay on that site.
Prior to that, Sunland had proposed a $370 million redevelopment of Greenmount that included two curved residential towers comprising 14 and 17 storeys that would have delivered 247 apartments. The project was to be launched by 2018 but did not proceed.
Arium Group, which has split Greenmount into three separate lots, appears to have scaled back the number of apartments originally proposed by Sunland with the first stage to deliver 54 boutique apartments comprising four per floor up to level 13 and two penthouses on level 14. The company does not plan to develop the remaining lots until after completing the first stage, which is still subject to council approvals.
Arium has enlisted Gold Coast-based firm Contreras Earl Architecture to design the project, leaning on its collaboration with several Sunland projects in recent years.
The development will provide ground floor amenities for the public, including gardens and outdoors spaces, while a rooftop terrace has been earmarked for one of the penthouses. The rooftop will also incorporate gardens, a kitchenette and a swimming pool offering ocean views.
Arium director Sahba Abedian says apartments in the first stage will offer large footprints that will appeal to owner occupiers, which he says will service a market that remains in undersupply on the Gold Coast.
While the development is still subject to council approval, Abedian expects construction of the first stage of the Greenmount project to begin in 2024.
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