Listed developer Sunland Group has acquired the iconic Greenmount Beach Resort on the southern Gold Coast for more than $28 million.
The property, which occupies a prime beachside position adjoining Greenmount Headland, was acquired as a going concern and is scheduled to settle in December 2016. It will continue to operate as a resort pending future Council planning approvals.
Sunland managing director Sahba Abedian said the transaction reflected the company’s continued confidence in the southern Gold Coast.
“This is an exceptional site in a vibrant beachside community,” he said.
“We see great opportunity on the southern Gold Coast, where the surge in urban renewal and investment is accompanied by a collective understanding that preserving the vibrant village atmosphere of these communities is fundamental to their success.
“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.”
Greenmount Beach Resort is a 3 Star Resort Hotel featuring 151 rooms and located less than 100m from the patrolled Greenmount and Rainbow Bay Beaches.
Sunland’s other developments on the Gold Coast include Magnoli Residences development in Palm Beach, The Lakes in Mermaid Waters, The Heights in Pimpama and Parkway in Sanctuary Cove.
Sunland’s national portfolio comprises in excess of 6000 residential housing, urban development and multi-storey products along Australia’s eastern seaboard with an estimated end value of $3.7 billion.