Commercial hammer prices
The size of the Novotel Forest Resort near Daylesford, which has been listed for sale. The property incorporated an eco-friendly resort, golf course and gated residential community featuring 37.2 hectares of freehold land and 25.2 hectares of leasehold land. Jeremy Gruzewski and David Grima from Colliers International have been appointed to market the resort, which opened in 2008 and was built at a cost of $200 million. The resort comprises 144 rooms over four levels, including a wellness centre and day spa, modern convention centre, retail facilities, bistro and restaurants. Also up for sale is the 18-hole, 72-par golf course and an 80% shareholding in Forest Resort Utilities Pty Ltd, a wastewater treatment plant. The land was acquired by developer Jim Walsh and his family for less than $1 million in 2001, after it was in financial trouble. Approval to develop the land took four and a half years of Walsh’s Forest Resort business and the local Dja Dja Wurrung tribe for the use of 25 hectares of adjoining Crown land. The golf course was designed by famed golf course architect Tony Cashmore and is the site of heritage water courses and gold diggings, which date back to the mid-1800s gold rush.
The Walsh family almost lost the hotel after being caught up in the collapse of Gold Coast lender MFS in 2009, which had provided a $48.3 million loan to fund construction of the resort. In April this year Walsh lodged a $168 million lawsuit in the Victorian Supreme Court against MFS and its custodian prior to its collapse, Perpetual Trustees.
The amount Gold Coast developer Sunland paid for Mariners Cove and Marina at Main Beach. Industry sources were expecting $20 million for Mariners Cove, which has been in the hands of receivers since late 2009.The site comprises 1.15 hectares of land lease and 2.8 hectares of seabed lease, with 102 marina berths. Mariners Cove is located in a prime position on the Broadwater of the Gold Coast and is adjacent to the Marina Mirage Retail precinct and Palazzo Versace Hotel.The site sold through public tender through receivers McGrath Nicol. Settlement is due on December 24, 2011.
The amount Stockland will receive following the sale of its half stake in 52 Martin Place, Sydney to joint owner QIC Global Real Estate. The sale price is above the 30 June, 2011 book value of $167.7 million. The landmark A-grade office tower has 33 floors including the Channel 7 news studio and a retail arcade linked to the Martin Place railway station. The property is a leasehold title, with 33% of the area leased back to the NSW state government until 2110.The transaction is part of Stockland’s ongoing asset sale program, the proceeds of which are being used to fund investment in the share buy-back currently underway as well as growth in Stockland’s core businesses.
The size of the rural property Mount Falcon Station in the Upper Murray region of southern NSW sold by entrepreneur Sean Howard for about $6 million. Howard had owned it since 1998. It includes a five-bedroom 1934 homestead set in a mature garden and recently carried up to 1,350 breeding cattle. It has had three owners over most of the past century including the Falkiner family, who sold in 1964. It changed hands again in 1998 when offloaded by the Olympic runner John Landy and his brothers, Richard and Tony. John Landy was the governor of Victoria from 2001 to 2006. The property is close to the junction of the Murray and Tooma rivers near Corryong. Howard, one of the founders of OzEmail, spends his time in the retirement and aged care sector.
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