Headlands Deal Expected by Month’s End
Ongoing negotiations over price and terms have delayed the sale of Austinmer’s historic Headlands Hotel. But the agent managing the sale, Colliers International Wollongong managing director Simon Kersten, said a deal worth more than $5 million was expected before the end of the month.
The hotel’s receiver Quentin Olde, of Taylor Woodings, also confirmed the January timeframe and said negotiations with several parties were nearing conclusion.
Mr Kersten said of the five parties still in negotiations after submitting tenders, one had expressed an interest in restoring the existing pub while most planned a complete redevelopment. Proposals included taking advantage of an approved development application for 18 serviced apartments, or even a possible aged-care facility.
Mr Kersten confirmed the final sale price was expected to be more than $5million, a long way off the $16.1 million owed by the hotel’s owner, Thirroul Property Holdings.
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