Seven years ago, Australia’s largest village operator Aveo announced it had paid $15 million for 8.7ha of land at Sanctuary Cove on the Gold Coast from its major shareholder Mulpha for apartments in a “five-star village”.
The land was cleared (photo above) and three years ago, the Queensland Government amended planning laws that allowed a retirement development to go ahead on the land.
However Aveo, which has four villages in and around Southport and one at Helensvale in the Gold Coast, is not going ahead with the plan and Aveo’s Canadian owner Brookfield is in the process of selling the land back to Mulpha, according to the Gold Coast Bulletin.
It was only three years ago that the Queensland Government amended planning laws that allowed a retirement development to go ahead on the land.
Mulpha, which bought Sanctuary Cove from receivers for $208 million nearly 20 years ago, has yet to publicly reveal it’s buying back the land from Aveo, although the move appears to be common knowledge within the resort.
Mulpha’s Harbour One apartment project, where prices hit $8 million, shows that 8.7ha of residential land in Sanctuary Cove would be extremely advantageous.
