Wollongong Hopeful of Hotel Redevelopment
Troubled hotel company Thirroul Property Holdings owes a combined $16.1 million to more than a dozen creditors.
A financial affairs report to the Australian Securities and Investments Commission reveals most of this debt comprises three unpaid mortgages worth a combined $12.6 million.
Thirroul Property Holdings was placed in the hands of receiver Taylor Woodings almost two months ago at the direction of the primary mortgagee, Investec Bank. The company’s sole asset, the Headlands Hotel, was placed into external management but shut down less than a week later amid safety concerns over the dilapidated state of the building.
Weriton Finance director Graham Werry said the site will be redeveloped. “I am confident of recovering Weriton Finance’s debt in full from the redevelopment of the site pursuant to the development application I will be lodging soon,” Mr Werry said. “Weriton Finance has contractual rights to pursue development of the site but the legal method by which it will do this is commercial-in-confidence at this stage.”
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