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Sunland Sells Greenmount Beach House for $42.3m

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ASX-listed developer Sunland is selling a 10-storey hotel in Coolangatta for $42.3 million to a company connected to the Abedian family.

Sunland publicly disclosed the winning bidder Arium Group Pty Ltd is a company which both its executive chairman and founder Soheil Abedian and managing director Sahba Abedian have an interest in.

The Gold Coast property also known as Greenmount Beach House was put on the market in an expressions of interest campaign in November which attracted 120 enquiries and eight bids.

The 151-room hotel at 3 Hill Street, Coolangatta was built in the 1970s on a 7,028sq m block with three street frontages.

Sunland formed an independent board committee to decide on the winning bidder who will have rights to the site through a call and put option until 2022.

The announcement follows the $12.8 million sale of the adjoining property, a vacant block on 154-156 Marine Parade, Coolangatta to a company associated with Joe Adsett Architects, Brisbane.

Related: Gold Coast Rides Wave of Development

The aging Greenmount Beach House is located on a hillside in Coolangatta overlooking the beach.
▲ In late 2020 Sunland announced its intentions to sell off 30 per cent of its inventory including the Greenmount Beach House.

Sunland purchased the hotel in 2016 for $26 million and adjoining vacant block for $6.5 million with potential plans to launch a new development in 2017 according to the group’s results.

The site is zoned for high density residential with a 38 metre height limit and is located between Greenmount and Rainbow Bay Beaches.

At the time Sunland managing director Sahba Abeian said it was an exceptional site in a vibrant beachside community and would operate as a resort pending future council approvals.

“Our vision for this landmark site is to conceive an architectural outcome which complements the existing scale, character and beauty of Coolangatta, while contributing to its ongoing renaissance,” Abedian said.

The group later lodged plans for a 248-room multi-storey residential, retail project with an end value of $366 million.

In late 2020 Sunland, the developer behind the the Palazzo Versace and Q1, announced its plans to sell off 30 per cent of its inventory and wind down business operations.

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Article originally posted at: https://www.theurbandeveloper.com/articles/sunland-sells-greenmount-beach-house-for-423m