Sunland Wins Approval for $390m, 42-Storey 101 OBR in Broadbeach
Three years after Sunland Group left the ASX, a privately held Sunland entity is back with an approved beachside tower.
City of Gold Coast has approved 101 OBR Residences, a 42-storey, 81-apartment tower at 101 Old Burleigh Road, Broadbeach, The Urban Developer and apartments.com.au reported on 28-29 September. The project is valued at $390 million. Neither report gives the date of the council decision.
Why it matters
The Sunland name carries history. Sunland Group delisted from the ASX in 2023. The Urban Developer reports the Abedian family then stepped away before returning earlier this year, and names the developer as Sunland Group (Queensland) Pty Ltd, a private company led by Tom Jamieson and Riaz Razvanipour. So this is a privately held Sunland, not the former listed group.
Founder Soheil Abedian said: “We anticipate 101 OBR Residences will be a fast-selling project, based on the initial response.”
The approval puts 81 apartments on a 1,283 sqm site, with an average value above $4.8 million per apartment. It arrives as regional Queensland values are falling, down 0.9 per cent in September per Cotality, and the cash rate has risen to 4.60 per cent, so the first test is whether presales can be secured at the prices a $390 million build needs.
The numbers
- Address: 101 Old Burleigh Road, Broadbeach.
- Site: 1,283 sqm.
- Height: 42 storeys.
- Apartments: 81, across two-bedroom and three-bedroom apartments, sub-penthouses, Sky Homes and penthouses.
- Value: $390 million, or about $4.8 million per apartment on average. That is our arithmetic on the reported figures.
- Architect: Contreras Earl Architecture.
- Timing: construction to start early 2027, with completion in mid-2031.
We could not locate the decision on the council’s public register, so the approval rests on the two reports.
What’s next
Watch the sales launch and whether Sunland names a builder; both determine whether the early 2027 start holds. More Gold Coast development coverage, including the 44-storey Surf Parade tower lodged in the same week.