Panthera Snaps Up Sunland's Retail Strip for $46m

<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>NSW-based developer Panthera Group has paid $45.8 million for Sunland Group’s retail development precinct The Lanes in the Gold Coast suburb of Mermaid Waters.</p><p>The 12,500sq m shopping village, <a href="https://www.theurbandeveloper.com/articles/sunlands-4ha-shopping-precinct-in-mermaid-waters-approved">approved in February</a>, will feature retail laneways interwoven with a fresh food market hall, cafes, restaurants, medical centre, office space, lifestyle entertainment, and a lakeside communal space.</p><p>It forms the centrepiece of Sunland’s <a href="https://www.theurbandeveloper.com/articles/sunland-plans-residential-towers-at-13bn-gold-coast-masterplan-">42ha masterplanned development</a> on the corner of Hooker Boulevard and Southport-Burleigh Road where the developer is delivering four residential towers at a cost of $230 million.</p><p>Panthera Group chief executive Chakyl Camal said under the terms of the agreement, overseen by Hitch Advisory and Hickey Lawyers, the original design intent for the creation of the retail precinct would be upheld throughout its development phase.</p><p>“We are totally aligned with Sunland Group’s vision for the proposed precinct which underpins our philosophy of creating engaging spaces,” Camal said.</p><p>“We will create strong connections with all stakeholders to enhance the village experience as a digitally enabled precinct; creating a convenient service and lifestyle hub for retailers, residents and the local community.”</p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/5150981b-2f28-4b70-8eca-cd03d5609f17.jpg" width="1600"/></picture><div><span style="align-content:center;opacity:0.8">▲ The off-market transaction was put together following an introduction of the Panthera Group by Kollosche Commercial in Broadbeach. Image: Blight Rayner</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>The deal follows a number of property sales in the locale in recent months, including three lots from Sunland’s <a href="https://www.theurbandeveloper.com/articles/sunland-sells-greenmount-beach-house-for-423m">adjacent residential development</a> of the same name for $48.75 million, of which more than $9 million was tabled as profit.</p><p>However, Sunland expects profits from its sale to Panthera to be around $26.3 million, with the land purchased also including the development’s central lake.</p><p>Sunland said the NSW-based Panthera Group had the ability to bring settlement forward otherwise it was expected by March 2022.</p><p>Sunland managing director Sahba Abedian said the decision to sell the retail village allotment was part of the company’s overall strategy to sell undeveloped sites.</p><p>“Countless hours have gone into ensuring the terms of the contract upholds the original vision for the precinct and we believe Panthera Group is the ideal group to bring this unique development to life,” Abedian said.</p><p>“With nearly 100,000 cars passing the site daily and 200,000 people living within a 10-minute drive, The Lanes will be a unique and highly visible community and Panthera Group have a rare opportunity to create an iconic retail and lifestyle destination.”</p><p>The sale is part of a broader strategy, announced in October 2020, for Sunland to offload some inventory that is not under development in order to pay off debt and return money to shareholders.</p><p>At the time Sunland set a goal to return shareholders the net asset value at the time of $2.56 per share.</p><p>Sunland began the retail selldown in mid 2019, <a href="https://www.theurbandeveloper.com/articles/sunland-the-latest-to-offload-retail-asssets">offloading</a> its Lakeview Retail Centre in Mermaid Waters to Bao Li Investments for $20 million after listing the retail asset earlier this year.</p></div></div></div></div></div>

Developer Sunland has continued its retail sell-off, pocketing $45.8 million for its retail development precinct The Lanes on the Gold Coast...

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<div class="row" data-reactroot=""><div class="cell cs12 cx12"><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p>ASX-listed developer <a href="https://theurbandeveloper.com/tags/Sunland%20Group">Sunland</a> has lodged revised plans for four residential towers at its $1.3 billion masterplan on the Gold Coast.</p><p>The 42-hectare former dairy farm is set to be redeveloped into an urban village — “The Lanes” — delivering 17,000sq m of new retail space, a boulevard, outdoor amphitheatre and four residential towers.</p><p>The revised scheme removes plans for four permit-approved commercial buildings and increases the number of apartments from 298 to 310. Sunland initially lodged an application for the project in late 2018. </p><p>The end value of the four residential towers is $231 million.</p><p>The developer has appointed ex-Zaha Hadid designer Contreras Earl to design the four mid-rise towers, which are strikingly similar to the built form of its “champagne flute” <a href="https://theurbandeveloper.com/articles/sunland-dumps-stalled-triple-tower-development">skyscrapers</a> in Brisbane.</p><p>“The [towers] represent a sculptural design language which takes its inspiration from the patterns and geometry found in various plant life,” Sunland managing director Sahba Abedian told <em>The Urban Developer</em>. </p><p>“This is where any similarity to our previous design concepts ends.” </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/dfaffde7-d444-4632-aad2-ee42c94a4457.thelanesmidart" width="920"/></picture><div><span style="align-content:center;opacity:0.8">▲ Sunland&#x27;s 42-hectare masterplan will include four residential towers, retail village, parklands and a &quot;waterfront promenade&quot;. Supplied.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Ranging in height between 10 and 12-storeys, the four towers will offer one, two and three-bedroom apartments overlooking the newly-named “Lake Unity” and ground level retail.</p><p>Each building captures lakefront, city skyline and hinterland views.</p><p>Sunland’s revised application triggers council assessment by increasing the height of one of the towers to 12-storeys — above the masterplan’s approved height limit. </p><p>The developer has also lodged separate plans for a 4,460sq m childcare centre as part of the masterplan, offering space for 162 children.</p><p>Abedian said that the medium-rise typology was first explored by the developer at its Marina Residences development in Benowa.</p><p>“It will be particularly influential in its role as a catalyst for further mid-rise development in the [area],” architects Contreras Earl said. </p></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><div><picture><img src="https://tud-prod-tudmedia-oj9w2zshuo0o.s3.amazonaws.com/raw/images/cfd2ef62-268a-45ee-9203-79290e367045.jpg" width="920"/></picture><div><span style="align-content:center;opacity:0.8">▲ The four residential towers in context. Supplied: Sunland, Contreras Earl.</span></div></div></div></div></div><div class="row ci"><div class="cell cs12 cx12"><div class="ci cl"><p><br>Brisbane firm Blight Rayner has designed the retail component, which includes an outdoor dining court, retail “spine”, food market and a variety of retail outlets. </p><p>The retail scheme will function as a “town centre”, the developer said in its application to council, describing the larger masterplan as a new mixed-use urban community in the Gold Coast. </p><p>Sunland acquired the 41.9-hectare Mermaid Waters site in 2014 from the Scheinberg family for a record $61 million. The Scheinberg family offloaded a property portfolio worth about $350 million at the time. </p><p>Pending council approval, the apartments will be launched to market early next year while construction is anticipated to take place concurrent to the construction of the retail village in late-2020.</p></div></div></div></div></div>

ASX-listed developer Sunland has lodged revised plans for four residential towers at its $1.3 billion masterplan on the Gold Coast. 

THE LANES