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.
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.
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