Sunland Offloads 3.9ha Marina at The Spit

ASX-listed developer Sunland is offloading its 3.9-hectare Mariner’s Cove retail village and marina precinct at The Spit on the Gold Coast.

The waterfront site, located adjacent to the Sunland-developed Palazzo Versace hotel, has frontage to the Broadwater and comprises the 4,278sq m Mariner’s Cove retail village and Mariner’s Cove marina.

Sunland acquired the 1.15-hectare land lease and 2.8-hectare sea-bed lease with 102 marina berths in 2011 for just $13 million through a public tender from receivers acting on behalf of SP Marina.

The developer is marketing the sale as The Spit’s “last available” development opportunity after the completion of The Spit masterplan, tapping Knight Frank’s Mark Witheriff and James Branch to manage an international expressions of interest campaign.

Sunland managing director Sahba Abedian said that capital from the sale will be redeployed to Sunland’s core business—its growing south-east Queensland portfolio. The developer turned to the market last month to raise $50 million for more projects aimed at owner-occupiers.

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In 2015, Sunland lodged development plans for a $600 million residential project on the site, using architecture firm Zaha Hadid to design the scheme for 785 apartments across two 44-storey towers.

Public consultation for the developer proved difficult with locals raising concerns about traffic and the lack of infrastructure to The Spit. The developer withdrew its application in late 2016 while a masterplan for The Spit’s 240 hectares was being drafted.

The Queensland government released its latest draft masterplan for an “Ocean Park” including a light rail station, super-yacht berths and a proposed ocean cruise ship terminal earlier this year.

“With much of the Spit to be dedicated to new parklands and tourism infrastructure, Mariner’s Cove presents the last available opportunity to deliver a high-grade resort within the tightly-held precinct,” Abedian said.

“The Spit masterplan sets a clear direction for the development within this unique and internationally-recognised coastal tourism precinct.”

Sunland has 13 projects under way along Australia’s east coast and a $3 billion portfolio comprising 4,300 residential homes, urban land lots, multi-storey apartments, and an emerging retail and commercial portfolio.

The developer also lodged revised plans for four residential towers at its $1.3 billion “The Lanes” masterplan on the Gold Coast earlier this year. The greenfield project is on a 42-hectare former dairy farm at Mermaid Waters.

The expressions of interest campaign for the Mariner’s Cove precinct will close 28 November 2019.