Abedians Buy Back Mermaid Waters’ $1bn The Lanes Scheme

After the collapse of its developer, the former owners of The Lanes retail precinct on the Gold Coast have swooped in to buy back the project. 

Abedian & Co has been revealed as the successful bidder for The Lanes Retail Precinct at Mermaid Waters after developer Panthera Mermaid went into receivership earlier this year. 

Receivers were appointed to manage the sale of the site within The Lakes masterplanned community after the collapse of the entity linked to Sydney-based Panthera Group boss Mario Evangelo.

Panthera had acquired the site four years ago for $45.8 million from the Abedians’ Sunland Group.

Sunland had planned a $200-million retail and entertainment precinct scheduled for a 2020 opening, but the pandemic tripped up those plans.

It did not break ground on the site and Panthera Mermaid acquired the parcel in 2021. The same year plans for the original 12,500sq m shopping village were approved.

▲ A rendering of the mixed-use development proposed for The Lanes site at Mermaid Waters.

But earlier this year, Panthera filed a development application for a considerably larger $1-billion development. 

The proposals included a trio of towers, two of 30 storeys and the other of 17, comprising 700 apartments. 

It also proposed a bigger 19,375sq m of retail and commercial space, a 4310sq m gym and wellness centre and a lakeside amphitheatre.

Receivers from Ankura were called in to manage Panthera Mermaid’s affairs in September this year. The receivers subsequently appointed Colliers to manage the sale of the site.

Soheil and Sahba Abedian’s private investment group, Abedian & Co, was first among several bids for the site from local and national developers during a “highly competitive” expressions of interest phase, Colliers said. 

A price for the site at Lots 2000 and 2011 at The Lanes Boulevard has not been disclosed, however it has been reported the Abedians paid less than they sold the site for in 2021.

Soheil Abedian told media they would deliver on the vision created by Sunland to build a boutique retail village and said the site was “fundamental to the future urban planning of the Gold Coast”. 

▲ The retail and hotel asset is opposite one of Australia’s most visited beaches.

Billionaire family eyes Surfers retail landmark

Meanwhile, a billionaire Taiwanese family is reportedly on the cusp of picking up one of Surfers Paradise’s largest landmark precincts in a $370-million deal that underscores the depth of Asian capital flowing into the Gold Coast.

Forest Endeavour, an Asian investment group linked to the Lin family, is in advanced negotiations to acquire the Paradise Centre and the Novotel Surfers Paradise hotel.

The acquisition would significantly expand the group’s Queensland portfolio, which already includes Helensvale Homeworld.

The combined asset occupies a prime beachfront position opposite Surfers Paradise Beach, a tourism hotspot that attracts up to 14 million visitors a year.

The 2.3ha precinct includes more than 220m of frontage to the Cavill Avenue pedestrian mall in the heart of one of the country’s highest-traffic tourism corridors.

Forest Endeavour is understood to be targeting the acquisition for its long-term redevelopment and value-add potential, with substantial opportunities flagged for repositioning over the coming years.

The group has ties to the Shayher Group, although the two entities have separate ownership structures.

JLL and McVay Real Estate are handling the sale on behalf of Challenger Life Company and Abu Dhabi Investment Corporation, which jointly control the site.

The ownership duo consolidated the precinct in 2016 after paying $80 million for the then-Hotel Grand Chancellor Surfers Paradise and combining it with the existing Paradise Centre retail complex, which they had earlier taken over from the Centro empire.

▲ The assets are opposite Surfers Paradise Beach, which attracts up to 14 million visitors a year.

They had put the retail centre to market in 2015 with expectations of around $240 million but instead invested in substantial upgrades.

The partners spent more than $40 million improving the beachside retail, food and beverage and entertainment precincts.

The assets were offered in one line or individually via an expressions-of-interest campaign that ended in October.

Around three-quarters of the complex’s current value is derived from its retail component, which comprises about 23,000sq m of lettable space.

Major tenants include Woolworths, The Sporting Globe, Surfers Paradise Tavern and the world’s largest Timezone, alongside a roster of national brands such as Starbucks, Grill’d, Zone Bowling and Australia’s first Wendy’s concept store from the US.

The Novotel Surfers Paradise above the retail levels is the city’s largest hotel with 408 rooms, including two multi-level penthouses plus leisure and conference amenities.

Facilities include meeting spaces, a pool, spa, tennis courts and multiple food and beverage options.

▲ Forest Endeavours is understood to be considering development potential for the Paradise Centre and Novotel hotel.

The Urban Developer has previously reported that the site carries long-term redevelopment potential beyond its existing retail and hotel formats, with future possibilities including residential, build-to-rent, co-living or mixed-use projects, subject to approvals.

The anticipated sale highlights the Gold Coast’s growing status over the past decade as a core institutional investment market, supported by sustained interstate migration, record tourism numbers and major infrastructure investment.

Industry commentators expect the precinct’s performance to strengthen further in the lead-up to the 2032 Brisbane Olympics as visitor numbers increase and investor appetite intensifies.