As part of plans to wind down, Sunland has sold the permit-ready retail component of Mermaid Waters’ The Lanes project.
The $45.8 million deal with Panthera Group includes the central lake.
“The seller has undertaken to deliver certain parameters associated with the development approval such as the area available to be leased, car parking and residential bedrooms,” Sunland said in a statement.
“The buyer will be assigned the benefit of any existing leasing arrangements completed to date by the seller and any further leasing arrangements completed by the seller and buyer up until settlement [in 90 days,” it added, saying it expects to pocket a $26.3m after-tax profit.
Kollosche Commercial was the marketing agent.
The acquisition comes five months since Panthera, in a partnership, paid c$120m for Byron Bay’s Mercato complex, which includes a shopping centre and hotel development site (story continues below).
Sunland winds down
Sunland will complete the balance of 42 hectare The Lanes project – 10 and 12 storey apartment buildings.
The sale comes two months since the group sold another component of the estate, Lot 917, for $16m. In September, it banked $32.75m selling another two parcels there – Lot 90 and 915.
The Lanes is Sunland’s last project after recently deciding to wind down after 38 years.
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