The Continental Hotel has recently been sold for an estimated price of $14.5m to Trenerry Property Group. Trenerry is a property development business specialising in medium density and high rise residential and mixed used projects.
The property had been placed in receivership by non-bank lender Manda Capital Holdings Pty Ltd which held the first mortgage security over the property. The previous contract of sale held by LBA Capital was set aside by Justice Almond in the Supreme Court of Victoria allowing the hotel to go to market unencumbered. There are several creditors including the Mornington Peninsula Shire Council.
The NRA will be monitoring any changes or additions to the current Planning Approval for the site.
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