Abedian and Co has emerged as the successful purchaser of The Lanes Retail Precinct at Mermaid Waters, following a competitive expressions of interest campaign that generated widespread attention from developers across Australia.
The sale process was managed exclusively by Colliers on behalf of Ankura, the appointed Receivers and Managers. Abedian and Co, a private company associated with Soheil and Sahba Abedian, was among several formal expressions of interest received for the mixed use development site which sits within The Lakes master planned community. The final purchase price has not been disclosed.
The acquisition includes Lots 2000 and 2011 on The Lanes Boulevard, a key section of the broader master plan originally envisaged as a central retail and lifestyle hub for Mermaid Waters.
“After a competitive sale process run by Colliers which generated significant interest, the Receivers are pleased to have exchanged a sale contract with Abedian and Co,” said Liam Healey of Ankura, who along with Quentin Olde acted as Receiver and Manager of the property.
With development approvals already in place, the offering attracted considerable attention from both local and national development groups seeking to secure a foothold in one of the Gold Coast’s most significant urban renewal pipelines. Colliers Gold Coast Director in Charge Steven King said the level of engagement reflected the strategic importance of the site.
“As the site already has development approvals in place, our team fielded an extensive number of inquiries from local and national developers looking to gain a foothold in this transformative Gold Coast project,” Mr King said.
He added that the location played a major role in driving competitive interest.
“The development’s appeal is enhanced by its highly strategic location where the gateway to the Gold Coast’s key tourism hubs intersects with the city’s fast growing residential areas to the north south and west of Mermaid Waters,” Mr King said.
“As we expected, expressions of interest for this offering were highly competitive and received from parties in the development industry of an extremely high calibre.”
The Lanes Retail Precinct occupies a prominent corner at the intersection of Hooker Boulevard and Bermuda Street, two major east west and north south corridors that carry significant daily commuter volumes and connect key parts of the Gold Coast. The precinct has long been identified as a key catalyst site within The Lakes master plan, envisioned to support retail, dining and mixed use activity that complements broader residential growth in Mermaid Waters.
Further detail on Abedian and Co’s delivery plans for the site is expected to be announced in due course.
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