The Lanes Retail Precinct at Mermaid Waters has been sold to Abedian and Co for $32 million, following an international expressions of interest (EOI) campaign.
The transaction is among recent mixed-use site sales on the Gold Coast and reflects investor demand for large-scale assets amid an undersupplied residential apartment market.
The sale was managed by Colliers’ Steven King, Matthew Meynell, Harry Dever and Troy Linnane on behalf of Ankura as receivers and managers. The EOI campaign generated 163 enquiries, with 19 qualified groups progressing through the data room and five formal offers submitted. The process progressed to an unconditional contract in the second round.
Matthew Meynell, MD, office capital markets and investment services at Colliers, said interest was received from a range of buyer groups, including owner occupiers, offshore capital and private investors.
“This depth of enquiry demonstrates the market’s appetite for DA-approved, mixed-use sites that can deliver both near-term income and long-term development upside,” he said.
The property comprises 20.86 hectares of mixed-use zoned landholding across two lots. It is located at the intersection of Hooker Boulevard and Bermuda Street within a 42ha masterplanned lakeside community at Mermaid Waters.
Steven King, director in charge at Colliers Gold Coast, said competition throughout the campaign highlighted the limited availability of mixed-use development sites of this scale.
“This site offered buyers a rare combination of size, zoning, existing approvals and a highly visible corner position within an established catchment,” he added.
The site holds an existing Development Approval for 13,803sqm of retail, dining, wellness and entertainment uses. An application has also been lodged for 700 residential dwellings and 19,212sqm of commercial gross floor area (STCA).
The precinct includes a 3500sqm lakeside open space and has access to major road networks, with exposure to more than 37 million vehicle movements annually.
Harry Dever, associate director, retail middle markets at Colliers, said the transaction supports continued demand for large-scale mixed-use development sites within growth corridors.
Troy Linnane, director of residential development land at Colliers, said The Lanes Retail Precinct forms a central component of the 42-hectare masterplanned community, with a development framework focused on residential, retail, and community uses at Mermaid Waters.
Add comment