Sorrento's Continental Hotel is back on the market after $100 million redevelopment failure
Sorrento’s Continental Hotel is back on the market, with with receivers having taken over the landmark property after repeated issues with its $100 million redevelopment.
Justice Almond of the Supreme Court of Victoria has ruled to end the Mornington Peninsula building's previous contract of sale, releasing the deposit paid by the previous purchaser to Manda Capital Holdings Pty Ltd, the first mortgage.
The 145-year-old, heritage, four-storey limestone building is the heart of the Sorrento community and has for years languished in disrepair.
The hotel had been plagued with issues since Continental Development director Julian Gerner bought it in 2015. Mr Gerner underwent a myriad of contractual issues and a failed partnership with defunct developer Steller Group.
However, as of Wednesday, the contractual issues dogging the redevelopment of the Continental Hotel have been resolved, freeing up the historic landmark for a much needed revamp.
Petr Vrsecky, partner at PKF Melbourne and a receiver appointed by Manda, said the Continental Hotel is “on the market again and a “clean proposition”.
“We are pleased and relieved the matter has been brought to a head, and that we can now move forward with the sale of such an illustrious property,” he said.
“The previous contract of sale is at an end, and we welcome all expressions of interest through Colliers Real Estate.”
A historic landmark established in 1875 under the directorship of comedian, politician, philanthropist and businessman George Coppin (1819-1906), the Continental Hotel is an architecturally significant building that has been constructed in a Victorian Italianate style using locally quarried limestone.
Developed in response to the overwhelming demand for accommodation for city tourists seeking a holiday at the then growing seaside resort of Sorrento, the hotel is a great opportunity for anyone seeking to continue the tradition of an iconic venue serving one of the most prestigious and cosmopolitan communities in Victoria, all within walking distance to pristine beaches.
While it has since undergone various changes, it remains an undisputed gem of the seaside Sorrento community, situated on a prominent site at the entry to the town, and a fantastic opportunity for the right owner.
