Developer Trenerry Property has acquired the Continental Hotel in Sorrento in a deal negotiated by Guy Wells and Trent Hobart from Colliers International.
The redevelopment of the Continental Hotel in the Victorian coastal suburb of Sorrento will be taken over by Trennery Property after the prominent Melbourne developer reportedly secured the site for around $14.5 million.
The Ocean Beach Rd property hit the market in March, following the end its previous contract of sale amid repeated issues with its $100 million redevelopment, when it was placed the hands of receivers PKF Melbourne.
Colliers International agents Guy Wells and Trent Hobart have since managed to secure a buyer for site through an expressions of interest campaign which finished on April 22.
Source: Colliers International
Positioned on a land holding of some 4,482 square metres across two certificates of title, The Continental Hotel is an iconic heritage hotel located in the premier coastal location of Sorrento.
The site carries the potential for residential apartments to the rear, as well as extended footpath trading (STPA).
Melbourne developer Steller purchased the Continental Hotel in 2017 with plans for a new public bar and bistro, fine-dining restaurant and champagne bar.
The company went bust in April last year, bringing a halt to the development.
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