Sorrento's stalled Conti Hotel listed for sale
Sorrento’s stalled Continental Hotel redevelopment project has been listed for sale, with expectations of attracting keen interest.
Colliers International agents Guy Wells and Trent Hobart have been appointed to sell the iconic Continental Hotel at 1-21 Ocean Beach Road and an adjoining site at 23 Constitution Hill Road in Sorrento.
Hotelier Julian Gerner purchased the property from the Di Pietro family following a sales campaign in 2015.
Gerner has obtained planning and heritage approval for an extensive redevelopment of the 144-year-old heritage-listed hotel, the largest limestone structure in the Southern Hemisphere.
But this project has been shut down given issues regarding the project's partners.
"It is an outstanding investment and development opportunity to bring new life to Sorrento’s iconic Continental Hotel," said Wells.
“The Continental Hotel redevelopment is a major undertaking, in a seasonal location and requires a respectful and detailed restoration,” Gerner noted.
“This has created some complexity around commerciality and funding.
"Due to increasingly difficult market conditions, I have resolved to take the project back to market.”
Heritage restoration and basement works have commenced, while the planning approvals provides for mixed use development capitalising on the site to provide a hotel, public bar, restaurants, multiple function rooms, café and two penthouse apartments along with parking for 114 cars.
The hotel has been closed for over two years.
