Brisbane's Sunland Group have sold their Melbourne urban land development to Melbourne's Stockland Group for $66.2m.
The development, named Adresse, is located in Point Cook, Melbourne, possessing 33.4 hectares of land comprised of 470 lots. Originally due to be developed in mid-2014, Sunland Group have sold it unconditionally to the ASX listed Stockland Group.
The first payment of $10 million is due to be paid in March, with the final payment due in 2015.
Sunland Group, who are contracting sites all around Australia, with recent acquisitions totalling nearly $24 million, are aiming to redeploy their business through the veins of the nation.
Subsquently, the shares in Sunland Group have soared to an astonishing 11% since they listed thier full year earnings from $20 million to $28 million, combined with the sales of their developments.