Sorrento's Continental Hotel makes quick return to market with VCAT approvals
The grand Mornington Peninsula landmark, the 1875-built Continental Hotel is set to be listed for sale.
It is being marketed through CBRE and Sotheby's International with reputed $20 million hopes.
"‘The Continental Hotel - one of the Australia’s best mixed use development opportunities - is about to hit the market with all the hard work completed," Sotheby's agent Rob Curtain advised his Instagram followers.
The hotel is being offered by the hotelier Julian Gerner, who acquired it for $15 million plus mid-last year.
Gerner had plans of adding a apartment building, a wellness centre and cafe, yoga deck, lap pool, along with 38 new hotel rooms, a modern public bar, an up-market restaurant, and two function rooms, aimed at the peninsula’s booming tourism, wedding, golf and winery tour markets.
He told the local paper earlier this year that he would “absolutely see through” after approvals have been received.
“We took the case to VCAT and are pleased they found in our favour,” he said.
“I’ll have to start raising the money now but, mostly, my part is done for a while.
“The finance side is far too technical for me and will be done by others. Works will start when [the project] is fully funded.”
Gerner, who runs restaurants and a wine store opposite the Sorrento foreshore, made a name at the Melbourne Pub Group before sea-changing to Sorrento.
The Continental Hotel closed in May for its redevelopment.
Prospective buyers have been advised the vendor of The Continental Hotel was interested to take up a long term lease over the hospitality and commercial components of the completed Continental development.
The operation would include the hotel, restaurant, cafe, car park, retail, bottle shop, wellness centre and pool facility.
Its indicative commencement rent was $1,800,000 plus GST and outgoings.
