SUNLAND ACQUIRES ICONIC MANSION

Written on the 26 May 2015

SUNLAND ACQUIRES ICONIC MANSION

IT was once home to a Brisbane socialite and a porn king - but now Brisbane's iconic Pink Palace property is set to receive a makeover following an $11 million purchase of the St Lucia mansion by developer Sunland Group.

Sunland has acquired the prime 6300sqm site, with plans to build a boutique luxury housing development of 28 residences worth more than $45 million.

Known as the Pink Palace, the St Lucia property was previously home to porn king Greg Lasrado and most recently was home to Brisbane socialite, property developer and investor Cindy Fleming who passed away suddenly last year. 

The transaction represents Sunland's third residential site acquisition in Brisbane, where the group relocated its national headquarters in 2014 from the Gold Coast.

Sunland managing director Sahba Abedian says the St Lucia purchase will mark the group's entry into Brisbane's luxury residential housing market and is a strategic site acquisition.

"The acquisition demonstrates our continuing confidence in the Brisbane market and the capacity for boutique luxury housing developments to be delivered alongside our multi-storey portfolio," he says.

The site is located at 276 Swan Road and Sunland is expecting to lodge a development application by September.

Sunland's other Brisbane developments include the Abian residential tower at the entrance of the Botanic Gardens in the Brisbane CBD and the proposed Grace on Coronation development in Toowoong. Abian is 95 per cent sold and under construction.

Sunland's national portfolio compromises more than 7800 residential housing, urban development and multi-storey products along Australia's eastern seaboard with an estimated end value of $4.3 billion.


Latest News

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

VOLATILE INDUSTRY CLIPS FLIGHT CENTRE'S WINGS

DESPITE achieving record sales in the first half, Flight Centre Travel Group (ASX: FLT) profit has suffered the ef...

ARDENT TAKES $95.2 MILLION HIT FROM DREAMWORLD TRAGEDY

ARDENT Leisure has taken a $95.2 million write-down on the value of its Dreamworld theme park following the tragedy t...

AGENT EXITS, LOW LISTINGS HURT MCGRATH

PROFITS have dived 72 per cent at real estate group McGrath (ASX:MEA) to $2.4 milllion on the back of low property...

Related News

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter