Investa Land sells golf and spa resort to focus on residential and industrial

Investa Land sells golf and spa resort to focus on residential and industrial
Jennifer DukeDecember 7, 2020

Investa Land has exchanged contracts for their Central Coast Kooindah Waters Residential Golf and Spa Resort to ensure the company's focus remains on residential and industrial property.

Harman Global Holdings are the buyers of the 18 hole golf course, 108 room Mercure resort and remaining residential lots, in an off market transaction.

Investa Land chief executive officer Cameron Holt said that this is a strategic sale for the business.

Investa Land acquired Kooindah Waters as part of a broader portfolio. The golf course and resort elements of this project are not core assets and are not consistent with our business model,” said Holt. They had bought the 95 hectare site in Wyong as part of its acquisition of Clarendon Property Group in 2005.

It includes a purpose built day spa, six conference rooms, restaurant, bar, 25 metre indoor lap pool, outdoor pool, tennis courts, gym and spa.

“The divestment will enable the company to focus on the delivery of sustainable residential and industrial development projects,” he said.

He noted that they were not intending to sell the residential component of the resort, however Harman wanted the remaining land in addition to the assets they were selling.

Investa Land will continue to be involved in the operations of the resort until an expected November 2014 settlement, and Harman has noted that Accor and Troon Golf will continue to manage the property after this time.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

Editor's Picks