Titans Owners - Darryl Kelly and Rebecca Frizelle

[Bayside Titan]

Gold Coast’s Brett Frizelle and Titans patron Darryl Kelly buy Sunland Group’s development sites at The Lanes for $32.75m

Two high-profile Gold Coast businessmen, with links to the Gold Coast Titans, have bought all remaining land in Sunland Development Group’s central Gold Coast project The Lanes for $32.75m.

Kathleen Skene
2 min read
August 25, 2021 - 9:27AM
Gold Coast Bulletin
Artist impression of Sunland's The Lanes development on the Gold Coast.
Artist impression of Sunland's The Lanes development on the Gold Coast.
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TWO high-profile Gold Coast businessmen have bought all the remaining waterfront land in Sunland Development Group’s central Gold Coast project The Lanes for $32.75m.

In an announcement to the ASX on Wednesday, Sunland said car dealership king Brett Frizelle had partnered with Gold Coast Titans co-owner and board member Darryl Kelly to purchase the two lots, which sit on 2.2ha.

Mr Frizelle is husband of Rebecca Frizelle, a Sunland board member and Gold Coast Titans co-owner and board member.

The blocks, which have approval for towers up to 12 storeys with almost 1500 bedrooms, were the final two in the precinct, with an expressions of interest campaign closing on August 18.

Gold Coast Titans co-owners Darryl Kelly and Rebecca Frizelle.
Gold Coast Titans co-owners Darryl Kelly and Rebecca Frizelle.
Sunland said the sale of lots 909 and 915 of its Mermaid Waters development followed a public expression of interest campaign and was still subject to shareholder approval.

The company said Ms Frizelle had been, and would continue to be, excluded from the board’s consideration of the matter.

Under the agreement, the buyers will pay a $3.27m deposit for the two blocks, which are selling for $19m and $13.75m respectively.

The sale would be settled in August next year if it goes ahead.

The Bulletin has contacted Mr Kelly, Ms Frizelle and Titans chairman Dennis Watt for comment.

The development is a master planned community developed over 42 hectares and comprising waterfront homes, townhomes, mid-rise residential buildings and a new retail, wellness and lifestyle precinct.

Lot 909 has approval for buildings up to 12 storeys, with up to 512 bedrooms in 190 apartments across two towers on the lakefront.

Lot 915, also on the lakefront, has approval for 964 bedrooms.

Artist impression of Sunland Group's The Lanes Retail Village at The Lanes.
Artist impression of Sunland Group's The Lanes Retail Village at The Lanes.
Sunland said funds from the sale would go towards working capital, to repay liabilities, and for returning net asset value to shareholders.

The announcement follows the sale of Sunland’s Greenmount resort for $42.3m to a company associated with Sunland founder Soheil Abedian and other family members including his son, Sunland managing director Sahba Abedian.

Sunland reported its annual financial results at the same time as announcing the proposed sale at The Lanes, reporting net profit of $24.9m, up tenfold from $2.4m in FY2020.

Shareholders will receive a generous 20c franked dividend, which includes a 16c special dividend. It takes the full-year dividend to a healthy 50c.

Sunland has been steadily selling assets, including sites at Mariners Cove at Main Beach, Marine Pde Labrador and Greenmount and the group’s office premises in Brisbane.
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Care of the Gold Coast Bulletin.

[Titanic]

Business article rather than Titans related.

[Hail Sezer]

Business article rather than Titans related.

Agreed

[Titans83]

Seems weird that they are buying property together that’s not related to the titans. I guess it’s a good thing that they get on so well and trust each other

[5 Year Contract]

Isn’t related to the long stalled leagues club?

[Titans83]

Ok, that makes more sense.
I’m not a fan of pokies for the community but do admit that the titans need an income.

[Bayside Titan]

I popped the article in should it be favourable for the Titans which I suspect it is. It may come clearer in the future, but if the leagues club plan is stalled this maybe another potential passive income source.

[DIEHARD]

Seems weird that they are buying property together that’s not related to the titans. I guess it’s a good thing that they get on so well and trust each other

A good point!

[Hail Sezer]

I popped the article in should it be favourable for the Titans which I suspect it is. It may come clearer in the future, but if the leagues club plan is stalled this maybe another potential passive income source.

Sorry BT, I don't think this becomes passive income that the Titans are a beneficiary of.

I think this is just two business people with money coming together to increase capacity and spread risk on a development. Unfortunately don't see a link to the Titans except from the journalist. Any gains they make might become beneficial by way of the equity holders being more cashed themselves but thats no different to any other venture.

Club owners being in a better position financially is never a bad thing, though.

[willhelm]

Sorry BT, I don't think this becomes passive income that the Titans are a beneficiary of.

I think this is just two business people with money coming together to increase capacity and spread risk on a development. Unfortunately don't see a link to the Titans except from the journalist. Any gains they make might become beneficial by way of the equity holders being more cashed themselves but thats no different to any other venture.

Club owners being in a better position financially is never a bad thing, though.

It shows a bit of solidarity in our club ownership, both financially and personally. Don't see any harm in posting it here.

[Hail Sezer]

It shows a bit of solidarity in our club ownership, both financially and personally. Don't see any harm in posting it here.

No harm, just responding to how it benefits the Titans. Hence the post I quoted and responded to.

[Mr Bods]

It’s good to know the owners are super rich

[Titanic]

Solidarity is the key to the article rather than beneficiaries … just two smart business groups going about their thing … very relevant to the thread but not clubhouse connected.

[DIEHARD]

Scott Morrison names his choices for 2032 Olympic Games board
https://www.adelaidenow.com.au/

Respected sports administrators and a number of politicians have been chosen by Scott Morrison to help plan and deliver Brisbane’s 2032 Olympics.

Two Queenslanders with decades of sports administration experience have been revealed among Prime Minister Scott Morrison’s four appointments to Brisbane’s powerful Olympic Games committee.

The Courier-Mail can reveal Mr Morrison has selected former Olympic swimmer turned administrator Tracy Stockwell and former Gold Coast Titans co-owner Rebecca Frizelle to sit on the Brisbane Olympic Committee.

Mr Morrison has also tapped Federal Sports Minister Richard Colbeck and his special envoy to the Games, Sunshine Coast MP Ted O’Brien, to join the board.

It is the largest bloc of appointments since a law establishing the committee was passed on December 2.

Mr Morrison said both women brought years of experience and would be an asset in planning the delivery of the global event.

“The Brisbane Olympics Games in 2032 will showcase the best of Queensland, providing our athletes with the ability to thrive on the world stage on home soil but it will also provide economic opportunities for many and create a legacy for generations of young sporting Aussies, so we must get it right,” he said.

“Queenslanders Tracy Stockwell and Rebecca Frizelle are renowned sport administrators and understand what is needed behind the scenes to create a successful event on the field or in the pool and I believe they will make an important contribution to the success of the Games.”

Ms Stockwell was a successful United States Olympian before moving to Australia.

She is a director and the vice-president of Swimming Australia and previously chaired the Queensland Academy of Sport.

Ms Frizelle was appointed to the board of the Gold Coast Titans in 2014 and is now a director of Paralympics Australia and a member of the Griffith University Council.

Queensland Premier Annastacia Palaszczuk is yet to announce her four appointments while a joint-selection process between the state and Commonwealth to select five directors, including the committee president, will be finalised early in 2022.

The gender split of Mr Morrison’s selections means six of the nine remaining vacancies must be filled by women to achieve the board’s equality target.

It comes as the battle to find Australian Olympic Committee President John Coates’ replacement heats up.

Queenslander Mark Stockwell – who met Tracy at the 1984 Los Angeles Games – will take on Tokyo Chef de Mission Ian Chesterman.

Mr Chesterman is a popular figure in the Australian Olympic movement and said he was “heartened” by the widespread support to stand.

“It would be an honour, if elected, to continue to serve our athletes and our sports at this exciting time for the Olympic movement in Australia as we build on the success of our Tokyo campaign and plan for the Olympic Games in Brisbane in 2032,” he said.

THE COMMITTEE

John Coates – President of the Australian Olympic Committee

Matt Carroll – CEO of the Australian Olympic Committee

Jock O’Callaghan – President of Paralympics Australia

Robyn Smith – International Paralympic Committee Governing Board member

Bronte Barratt – Athlete representative

Kurt Fearnley – Athlete representative

Adrian Schrinner – Brisbane Lord Mayor

Karen Williams – Redland City Council Mayor

Richard Colbeck – Sports Minister

Ted O’Brien – Federal MP

Rebecca Frizelle – Sports administrator

Tracy Stockwell – Sports administrator

[Titanic]

Former Chairperson not former owner.