Browsing Golf Industry NewsVIEW ALL

Torquay golf resort acquired for only $12.8 million

POSTED ON March 7, 2021 @ 9:06 am

Torquay golf resort acquired for only $12.8 million

Former Morgan Stanley investment banker Jack Dahan has acquired the Sands golf resort in Torquay on Victoria’s Bellarine Peninsula for $12.8 million, paying just over half what it changed hands for four years ago.

Half price

The 76-hectare resort, originally developed by Rupert Murdoch’s nephew, Paddy Handbury, includes an 18-hole championship golf course designed by PGA tour winner Stuart Appleby plus a 112-room upmarket hotel previously operated under Accor’s Peppers brand.

Having temporarily closed in the pandemic, the resort was put up for sale last August by receivers acting on behalf of secured lenHalf der Smart Wealth after the clutch of Chinese companies that owned and operated it were placed in the hands of administrators from PKF in July.

A report lodged with ASIC by PKF, said settlement had occurred on February 10 for $12.8 million including GST. The resort last sold for some $23 million in 2017.

The new owner is a company solely directed and owned by Mr Dahan, who heads up a number of investment and advisory firms, including Fielding Hill, a small family office and advisory firm Hennessey Capital Partners.

Prior to that he was a vice-president at Morgan Stanley Private Wealth Management for almost 16 years.

Mr Dahan is also a director of Kangaroo Island Links, which is looking to develop a golf resort at Pelican Lagoon on Kangaroo Island. He was not immediately available for comment.

Re-opening soon

Colliers International selling agents Guy Wells, Gus Moors and Joseph Lin said it was their understanding the new owner planned to reopen the hotel in the short term, after its COVID-enforced closure.

“The 18-hole golf course will continue to operate to satisfy local and tourist demand,” the agents said.

Mr Wells said the resort attracted more than 120 enquiries during the expressions of interest campaign, leading to in excess of 25 offers.

“The fact that this level of depth existed in the buyer pool in the middle of stage four lockdown for an asset that requires further capital expenditure is a pleasing reflection of the appetite from investors for quality assets,” Mr Wells said.

Fail to settle

According to the administrators’ report, the Colliers sales campaign had secured a $14.5 million highest offer from Queensland-based Dunes Land Developments for both the property and business.

However, the contract was rescinded after Dunes failed to settle on January 11 and again on January 25.

The report noted that another lender Bella Joll, which had paid out Smart Wealth’s $8.15 million debt in July, had in December been restrained via a court order from selling the Sands property to Mr Dahan’s company or “from taking any steps” to interfere with the sale to Dunes.

On January 28, Bella Joll took possession of the property by “cordoning off the premises and employing security guards to refuse access to the property”. It then entered into a licence agreement with Mr Dahan’s company to occupy the resport prior to settlement.

source: commercialrealestate.com.au

Related Articles:

Comments are closed.


CLICK HERE TO Sign Up for the GIC Newsletter for all the latest Industry News.

JOB: Qualified Landscape Gardener – Heritage Golf & Country Club (Victoria)

Heritage Golf

About us Heritage Golf & Country Club is founded on a philosophy of elegant simplicity – the living of life, rather than its...

The Villa private golf course to be demolished for new development

The Villa

THE first lots of land in the $108m masterplanned Riverina Gold Coast Estate go on sale next week, with civil construction on...

Australian Golf Media Celebrate Milestone for Golf Industry Podcast

golf industry podcast

Australian Golf Media – representing the shared media interests of the PGA of Australia, the WPGA Tour and Golf Australia – this...

NZ golfing great Sir Bob Charles inaugurates new short course in Wanaka

new short course in Wanaka

One of New Zealand’s golfing greats opened a new short course in Wanaka yesterday in the hope it will inspire young people...

Tiger Woods Inks Long-Term Exclusive Deal with 2K

2K made a hole in one today by announcing the Company has agreed to an exclusive, long-term partnership with...

Callaway Golf Company Completes historic Merger with Topgolf

callaway

Callaway Golf Company and Topgolf International, Inc. announced this week that the companies have completed their previously announced merger,...

Sir Nick Faldo Announces New Design in Vietnam

Sir Nick Faldo Announces New Design in Vietnam

Sir Nick Faldo has revealed his latest golf course design with a new peninsula layout near Hanoi, Vietnam –...

ASIA: Flagstick Golf Course Construction Management Flourishes in Vietnam

Flagstick in Vietnam

For Martin Moore and his Flagstick Golf Course Construction Management team, the little matter of a global pandemic was...

Holey Moley – Can a mini golf show help foster a new generation of golfers?

Holey Moley's affect on golf participation

By Mathilda Andersson Hyped by the network as family entertainment on an epic scale, if you have ever watched...

Riskcon and epar announce national strategic partnership

    Riskcon, a leading Risk Engineering and Dangerous Goods Certification organisation, and epar, a specialist in EHS, Sustainability,...