gold coast city skyline with beach frontage
Source: Pixabay
  • Gold Coast hotel sells for $42.3M.
  • Arium Group Pty Ltd won the bid to purchase.
  • Over 120 enquiries were made, with 8 bids resulting.
  • The property is also known as Greenmount Beach House.
  • Sunland Group originally purchased in 2016 for $26M.

Queensland property has been a hard market to break into, The Property Tribune recently reporting parts of Queensland were severely undersupplied.

This morning, Sunland Group, an east coast developer, announced the sale of Greenmount Hotel for $42.3M to the ASX.

The Urban Developer reported Sunland purchased the site back in 2016 for $26M, with an adjoining block worth $6.5M.

The expansive property includes 151 rooms spread across 10 stories, spread over 7,028 square metres of prime beachfront real estate.

Views from the property overlook Greenmount Beach and Rainbow Bay on the Gold Coast, many beachfront 3 bedroom units in the area fetching over $1.5M.

Sale of the property was initially open for expressions of interest in November, overall attracting more than 120 enquiries, and 8 bids.

The winning bidder, Arium Group Pty Ltd, was announced in an announcement to the ASX this morning by Sunland.

It was also reported in the Urban Developer, Sunland intended to “wind down operations”.

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