Resorts
VACANT TORQUAY GOLF COURSE RESORT ON THE BLOCK AGAIN
Author: Renee McKeown Urban Developer
The Sands Torquay, about 100km south of Melbourne, has been listed for sale on behalf of the receivers and managers
The Sands Torquay is hitting the market for the third time in a decade, this time by receivers Mackay Goodwin.
Mackay Goodwin took on the role of receiver manager in December when Destination Leisure Holdings Pty Ltd, led by Paul Fielding, went into administration. The 76.5ha site comprises 112 hotel suites, restaurant, conference facilities, a 19-hole golf course, 20-bay driving range, and health club with a 25m swimming pool and tennis courts. It was originally developed by Rupert Murdoch’s nephew Paddy Handbury of the Handbury Group in 2007. Australian golfer Stuart Appleby, who has nine PGA tour wins, designed the golf course, while Perrott Lyon Mathieson was the architects of the facilities, which were recently refurbished to 4.5-star standard. In 2016 Handbury listed the property, including 4000sq m of vacant land opposite the clubhouse for future development with expectations of around $25 million. The resort was sold for around $23 million in 2017 and four years later it closed during the pandemic. It was sold during the peak lockdowns of 2021 for just $12.8 million when Helm Advisory took over as receiver with PFK Melbourne as voluntary administrator.
CBRE senior director Scott Callow is managing the sale via an expression-of-interest campaign, including all freehold land and buildings as a vacant possession business. “The vacant possession offering means the new owner will have the freedom to operate the resort themselves or install their own management company, while enjoying steady income from the golf and health club, resort amenities, food and beverage services and the swim school,” Callow said. “Additionally, there is potential for further residential development at various locations around the golf course, subject to council approval.”
10 – May / June 2024
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