Sunland, a developer based on Australia’s Gold Coast, has acquired Mariners Cove and Marina in Main Beach for a discounted price of AUS$13m. According to the Gold Coast Bulletin, industry sources expected the property to go for at least AUS$20m.
Sunland managing director Sahba Abedian told the paper the acquisition was the company’s third purchase this month. It recently acquired nearby Palazzo Versace.
“We strongly believe that the location of Mariners Cove and Marina is among one of the premier locations in Australia and we are confident that the redevelopment opportunity will benefit Sunland’s future portfolio pipeline,” Abedian told the paper.
The marina currently has 100 berth spaces for boats from 10m-30m (33ft-98ft) and fuel for boats up to 55m (180ft).
Mariners Cove was put into receivership in August 2009. SP Marina, a joint-venture of The Raptis Group and City Pacific, paid AUS$49m for Mariners Cove in 2007.