Continental Hotel Sorrento Update


image source: Herald Sun

The Continental Hotel in Mornington Peninsula’s Sorrento could be given a second chance, almost a year after construction on the project halted, after owner Julian Gerner announced a new deal could be imminent.

The heritage-listed hotel was part-way through a $100 million renovation when developer Steller entered receivership in May this year.

Following Steller’s collapse, Gerner failed to secure a new owner, after an attempt to sell to LBA Capital for $21 million fell through when the developer was found to be involved in a $400 million fraud scheme last month. 

Related News: Funding Halts Steller Construction Progress on Continental Hotel, 76 Workers Sacked

Last week, Gerner said work could resume in January next year if he himself can successfully retain ownership of the site.  

“I have negotiated an agreement to deliver on the vision to restore, renovate, protect and preserve the 1875 ‘Marvellous Melbourne’ hotel,” he said. 

Mr Gerner, who has since formed The Ocean Amphitheatre Company to assume LBA Capital’s contract of sale, says he has briefed Heritage Victoria and Mornington Peninsula Shire on the deal.

A number of potential investors will be approached to fund final construction and acquisition costs, Mr Gerner said.

“I’ve got a couple of high key net worth individuals I will be targeting,” he said.

More details will be provided as the development progresses.

Looking for the latest in construction news or the latest in construction jobs? Either way, Conecta has you covered. Create your free profile today.

Comments
Recommended posts

What is Conecta?

Conecta is an innovative jobs platform for the construction and engineering industry.

Even if you are not looking for a job right now, having a Conecta profile means amazing opportunities can tap you on the shoulder.

Free Sign Up
Recent Jobs

Contracts Administrator

100000

North Melbourne VIC, 3051

Apply Now
Popular posts

Download our
Free 2019 Salary Guide

Plus subscribe to our fortnightly industry news and job alerts.

Blog / eBook Signup