Sunland sells townhouse, apartment blocks

Sunland has sold a Carrum Downs townhouse site.

The vendor paid $13 million in 2018, immediately proposing a c$100m, 185 dwellings residential redevelopment.

The land was flipped for $17m just before Christmas to a Melbourne builder. A speculated potential purchaser, Mainline Developments, has has been contacted for comment.

In a statement the Brisbane group said the deal for 17 and 18 Pagett Rd is unconditional and due to settle in December 2021.

It was represented by Melbourne Acquisitions’ Dominic Gibson and James Latos (story continues below).

The sale price values each square metre of land at $333.

Meanwhile in Coolangatta, Sunland offloaded a block at 154 Marine Parade, Rainbow Bay, for $12.8m to a company associated with Joe Adsett Architects, which plans a high-end residential project with 21 flats.

The former rural zoned property cost it c$6.5m in 2017.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco