Developer tries to keep Hotel Indigo going as land put up for sale

THE proposed Hotel Indigo in Torquay is on shaky ground, as the land where it is slated to be built is now on the market.
Developer Barnes Capital is not giving up on the project and has headed overseas to secure funding.
On Tuesday last week, McCartney Real Estate announced they were the exclusive selling agents for the land at 2-4 Geelong Road, across two titles of 1,012sqm each.
The listing on the agency’s website describes the land’s location, aspect across Spring Creek as well as its frontage onto the Surf Coast Highway as “providing high exposure and a prime development opportunity”, with an estimated sale price of between $2.4 million and $2.6 million.
Barnes Capital wants to build a five-storey, 128-room hotel on the land, but the Surf Coast Shire council refused to grant a planning permit in May 2019.
The listing comes less than three weeks before the developer is to argue at the Victorian Civil and Administrative Tribunal (VCAT) why the council’s decision should be overturned.
The money for the project has been delayed by the federal government’s anti-money laundering checks, and Barnes Capital is seeking to postpone the November 10 hearing at VCAT.
On Monday this week, Barnes Capital managing director Martyn Barnes said he was “out of Australia to resolve the issues in relation to the funding”. He did not specify which country he was in or who was funding Hotel Indigo.
“Torquay is one project that is part of a significant funding package for our entire portfolio.
“COVID-19 has prevented me from being able to travel until last week when I was granted permission to depart Australia.
“I now expect the AML (Anti-Money Laundering)/KYC (Know Your Customer) matters to be resolved in the coming days now that I’m in the jurisdiction of the funding partner.”
He did not answer a question about the continuing community opposition to Hotel Indigo, which includes a crowdfunding campaign to pay for legal representation at the VCAT hearing.
Launched on September 30, the campaign has raised $6,300 of its $30,000 target.