April 4, 2009 07:15am Sunland acquires Pacific Pines landApril...

April 4, 2009 07:15am

Sunland acquires Pacific Pines land
April 3rd, 2009

GOLD Coast developer the Sunland Group has extended its $7.2 billion property portfolio paying $4.3 million for a Pacific Pines parcel.

The listed group, headed by Sahba Abedian, acquired the 3.57ha holding in a deal with Pacific Pines' developer Stockland Developments.

The parcel, at 26 Hotham Drive, adjoins Pacific Pines' town centre and is earmarked for housing.

It is part of a near-5ha holding earmarked for fringe business and residential uses.

Stockland has developed a 75-place childcare centre on 4956sqm of the remaining 1.5ha, selling it to company Playgrounds 2, associated with Frank Zullo and Fiona and Meegan Crocker.

The building houses an ABC Learning Centre.

Stockland has an application with the city council to develop the final 1ha portion as three commercial lots to front Pitcairn Way and house fast-food outlets, commercial facilities and service industries.

The adjoining town centre covers 3.4ha, and include a Woolworths-anchored shopping centre, Pacific Pines Tavern and Pacific Pines sales centre.

As of last August, Sunland had about 30 projects under way across Australia, three on the Gold Coast including a 114-home project at Sanctuary Cove.