Sunland acquires Mariner’s Cove and Marina site for $13 million

October 28, 2011 | Commercial

Colliers International, in conjunction with McVay Real Estate, has negotiated the sale of Mariner’s Cove and Marina at Seaworld Drive, Main Beach for $13 million, to Sunland Group Limited.

Mariner’s Cove is located in a prime position on the Gold Coast spit and is adjacent to the Marina Mirage shopping centre, Palazzo Versace Hotel, Seaworld Theme Park and opposite Sheraton Mirage Resort.

Stewart Gilchrist and John Meyers of Colliers International negotiated the sale.

The complex was acquired following a two-month Expressions of Interest campaign from appointed Receivers’ McGrath Nicol, acting on behalf of SP Marina Pty Ltd.

Settlement of the complex is due in December, 2011.

Mr Gilchrist said there was exceptionally strong enquiry from both national and international investors and developers throughout the campaign,” he said.

The acquisition is the third key purchase Sunland has made recently, following their Springvale purchase in Victoria, and the balance of 50 per cent in Palazzo Versace Gold Coast, also located on Seaworld Drive, Main Beach.

The Group has no immediate plans to develop the centre and believes that there is an opportunity to optimise the income from the existing retail and marina leases in the short to medium term.

Mr Gilchrist previously negotiated the sale of the adjoining Marina Mirage shopping centre for $40 million.

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For further information please contact:

Susan Epp
PR & Communications Manager | Queensland

Tel: +61 7 3026 3322

Mob: +61 434 573 026

Email: Susan.Epp@colliers.com   

 

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