ASX-listed residential developer Sunland Group has sold 90 per cent of its $250 million Hedges Avenue high-rise on the Gold Coast.
The 1,821sq m waterfront site, located at 272 Hedges Avenue, was originally snapped up by Sunland for $13.4 million in June 2017, with the developer breaking ground on the 98-apartment residential tower late 2018.
Sunland noted that at the onset of the lockdown measures in late March, it struggled with construction supply chains, with the majority of its products being sourced from Italy.
Despite economic uncertainty, the development remains on track with Hutchinson Builders, who have been tasked to complete the development by mid-2022, pouring a new level on the tower each week.
Privately, Sunland managing director Sahba Abedian, along with wife Nava have dipped into Gold Coast market, snapping up a neighbouring 900sq m beachfront site on Mermaid Beach.
The Abedians picked up the twin-title property at 141 Hedges Avenue for $11 million late last month, on which a two-level house sits.
It remains unknown whether or not the beachfront property which holds a 22.5 metre frontage to the beach will be used for a private development or potentially geared towards a residential tower during the coming months.
Speaking as part of The Urban Developer’s In Conversation webinar series, Sunland co-founder Soheil Abedian said the company remained focused on establishing its next phase of the cycle, while maintaining a conservative balance sheet.
“[Sunland] works from the central focus of architecture, beauty and constantly questioning how can we contribute something to the built form,” Abedian said.
“Our industry is subject to cycles, it goes up and goes down, but if there is a focus on the fundamentals of architecture in development, it is very difficult for a development or project to go wrong.”
Abedian said that 90 per cent of its Hedges Avenue tower had now been sold, allowing the developer to look towards its future pipeline and grow its workbook.
“We are always looking for new opportunities, irrespective of the cycle going up and down, as long as they meet the prerequisites of Sunland,” Abedian said.
“We are not Stockland or Mirvac, we’re a boutique developer and make decisions based on our size and what we think is appropriate for the company.”
Sunland currently has 13 projects under way along Australia’s east coast and a $3 billion portfolio comprising 3,853 residential homes, urban land lots, multi-storey apartments, and an emerging retail and commercial portfolio.
“Australia is vast, the population is limited and the available land bank is shrinking because everybody wants to be centrally located within the country’s six biggest cities,” Abedian said.
“We look at an area like the Gold Coast which is a city seeing rapid annual population growth, and see huge potential.”
At Mermaid Waters, Sunland is now pressing ahead with a $240 million lakefront apartment development part of its masterplanned community The Lakes, a 42-hectare $1.3 billion project that will eventually have its own community and leisure-lifestyle retail village.
Sunland also has plans in front of council for a 16-level boutique apartment project located at 180 Marine Parade in Labrador.
The developer has also been actively recycling assets, earlier this month offloading an undeveloped portion of its 46.4-hectare subdivision site at Pimpama to over-50s resort developer Gemlife for more than $29 million.