Long-term vision for The Sands revealed

The company behind the proposed building works at The Sands development has further explained its intentions, presenting its long-term vision for the community in Torquay North.

Central Real Capital (CRC) appointed KordaMentha on 11 February as receivers and managers of the DLH (Torquay) Property Trust, which owns the property 2 Sands Boulevard.

The NSW private bank has since lodged planning applications to rezone land at The Sands and create a multi-lot subdivision, which would include 21 new residential housing lots in various places across the golf course and a new nine-townhouse project on the existing tennis court.

In a letter to The Sands residents and the community dated 27 March, CRC chief executive Tony Denny said his company’s objective was “to preserve, stabilise and enhance The Sands as an exceptional high-quality residential, hospitality and golf destination for the long term”.

“We consider The Sands a unique asset, and we believe its future success depends on thoughtful investment, strong management and genuine engagement with residents, members and the broader community,” he said.

If the proposed subdivision goes ahead, CRC intends to invest “at least 30 per cent of proceeds [of the sales] directly into The Sands” as part of a “capital investment of up to $5 million over time to support upgrades, maintenance and improvements across the precinct”.

“This investment is intended to underpin the long-term viability of The Sands and ensure it continues to deliver value and high-quality amenities for residents, members and visitors alike,” Denny said.

He said CRC’s immediate focus was on “stabilisation and uplift”, such as supporting the appointment and retention of first-class operational management with clear accountability. ensuring that essential maintenance is prioritised and funded, and addressing visible issues that affect day-to-day experience and presentation.

CRC will also invest in equipment and infrastructure, including upgrades to golf course maintenance equipment and the existing fleet of golf carts.

Appendix A notes the ultimate aim of the new works is to position The Sands to be sold in about five years “to a financially strong, reliable and experienced owner who will continue the long-term vision”.

“CRC’s position is clear: we are invested in the long-term success of The Sands,” Denny said.

“We are prepared to support what is required – financially and operationally – to preserve and enhance this asset for the benefit of residents, members and the wider community.”

Read the full letter below:

27 March 2026
The Sands Residents
Sands Boulevard
Torquay VIC 3228

Dear Residents and Community Members,

Our commitment to the long-term future of The Sands
Central Real Capital Pty Ltd (‘CRC’) is the senior creditor of the landholding entity at The Sands Golf Course and
Resort (‘The Sands’). On 11 February 2026, CRC placed the landholding entity into receivership, appointing
KordaMentha to assist with securing and managing the asset. We are writing to you directly to provide clarity on
our position and, importantly, to outline our long-term commitment to The Sands and its community.
CRC’s objective is straightforward: to preserve, stabilise and enhance The Sands as a an exceptional
high-quality residential, hospitality and golf destination for the long term. We consider The Sands a unique
asset, and we believe its future success depends on thoughtful investment, strong management and genuine
engagement with residents, members and the broader community.
Our approach and long-term vision
CRC has no interest in allowing The Sands to drift or decline. In our view, there are only two paths for a precinct
such as this:
1. Gradual deterioration through under-investment, which unfortunately is where we are today, or
2. Carefully managed reinvestment, undertaken within the constraints of Planning regulation and legal
requirements, to support long-term prosperity.
We are firmly committed to the second path.
To that end, CRC is actively considering significant capital investment of up to $5 million over time to support
upgrades, maintenance and improvements across the precinct. This investment is intended to underpin the
long-term viability of The Sands and ensure it continues to deliver value and high-quality amenities for residents,
members and visitors alike. This capital investment is to be funded from the proceeds of the proposed
developments, which are currently before Surf Coast Council.
Immediate focus: standards, management and maintenance
We recognise that parts of the asset have not been managed to the standard residents and members rightly
expect. Our immediate focus is on stabilisation and uplift, including:
Supporting the appointment and retention of first-class operational management with clear
accountability.
Ensuring that essential maintenance is prioritised and funded.
Addressing visible issues that affect day-to-day experience and presentation.
By way of example, the golf course is a core asset of The Sands. CRC has already demonstrated its commitment
to maintaining course standards – including promptly addressing matters such as irrigation – where previous
management decisions had allowed standards to fall below an acceptable level.
We will also initiate investment in equipment and infrastructure, including upgrades to golf course
maintenance equipment and the existing fleet of golf carts, to ensure the course is presented and operated to a
level befitting the precinct.
Planning and the future of The Sands
You may be aware that CRC has submitted planning applications to Surf Coast Council (refer to question four in
the below Frequently Asked Questions). Planning certainty is critical to The Sands’ long-term future.
CRC is committed to constructive engagement with planning authorities and professional advisers to
ensure that future development and enhancement opportunities are properly considered, transparent and
aligned with long-term outcomes for the community. As mentioned, we intend to invest at least 30% of proceeds
from a positive planning outcome directly into The Sands. We believe this investment is long overdue and
essential.
This process will take time and will be undertaken responsibly. However, we see planning as an enabler of
long-term sustainability, not a threat to it, and we are committed to ensuring residents and members are kept
appropriately informed as this work progresses.
Communication and transparency
We understand that periods of change can give rise to uncertainty and speculation. To ensure consistent and
accurate communication:
We have established a dedicated inbox for questions and comments from residents and members.
Should you have any questions, please don’t hesitate to contact [email protected].
Common themes and questions will be addressed through a Frequently Asked Questions (FAQ) update,
which will be shared more broadly. For now, we have included some likely common questions at
Appendix A.
Our intention is to communicate openly, while being mindful of legal and commercial constraints. If you would
like to organise a meeting directly with CRC and our Planners, we welcome the opportunity.
In closing
CRC’s position is clear: we are invested in the long-term success of The Sands. We are prepared to support what
is required – financially and operationally – to preserve and enhance this asset for the benefit of residents,
members and the wider community.
We look forward to working constructively with all stakeholders as we move forward.

Yours sincerely,
Tony Denny
CEO
Central Real Capital Pty Ltd

Appendix A: Frequently Asked Questions
1. Who is Central Real Capital (‘CRC’)?
Answer: Central Real Capital is a boutique private lending business that adopts a commercial and
pragmatic approach to lending. We recognise that market dynamics ultimately drive outcomes and tailor our
lending decisions accordingly. Complementing our lending capabilities, our team also brings deep expertise
in property and construction.
2. Who are KordaMentha Restructuring?
Answer: KordaMentha Restructuring is the distressed business division of KordaMentha, an advisory and
investment firm that helps clients to grow, protect and recover value.
KordaMentha Restructuring works with companies in financial distress – to restructure and to stabilise the
business or to recover value on behalf of stakeholders.
3. How does the Receivership impact the trading entity?
Answer: Craig Shepard and Andrew Knight of KordaMentha were appointed Receivers and Managers of
A.C.N. 644 931 108 Pty Ltd in its own right and as trustee for the DLH (Torquay) Property Trust (Receivers and
Managers Appointed), being the landowning entity.
The receivership does not extend to, and does not affect, the trading business known as The Sands Torquay,
which is operated by a separate entity, DLH Food and Beverage Pty Ltd (ACN 645 970 207), pursuant to an
existing lease arrangement.
Central Real Capital has instructed the Receivers to support the ongoing operations of The Sands Torquay
and ensure business continues without interruption.
4. When were the land development applications submitted?
Answer: Three applications were submitted on 19 December 2025:
1) Application to Amend the Comprehensive Development Plan
2) Application for Multi Lot Subdivision. Subdivision of Lot G to create:
a. 1 very large lot to contain the existing Golf Course, Hotel, and carpark
b. 21 new residential housing lots at various locations around the perimeter of the existing golf
course (using existing road frontages)
c. 1 new lot as a site for 9 proposed townhouses (located at the existing tennis courts).
3) Application for 9 town houses.
5. Who has been involved in the land development applications to date?
Answer: Who has been involved:
Central Real Capital
Everitt Engineering
St Quentin
Consultant ecologists, traffic engineers, stormwater engineers, architects, landscape architects,
archaeologists, bushfire experts, services engineers and legal advisors
Other relevant experts and consultants.
7. What will the $5 million injection made by CRC to The Sands go towards?
Answer: The funds will be applied toward upgrades to the lobby and Pro Shop, the health club, pool
facilities, outdoor equipment and machinery, as well as improvements to the conference rooms and
restaurant.
6. Does the $5 million injection depend on the land development application being successful?
Answer: Yes. The $5 million injection is contingent on the land development application being approved, as
the funds are intended to be sourced from the sale of land.
7. Why is CRC looking to do further land development now?
Answer: The proposed development is intended to fund necessary upgrades, reduce The Sands’ debt,
support the engagement of a world-class operator (a process that is now in its final stages), and ultimately
position the asset for sale within approximately five years to a financially strong, reliable and experienced
owner who will continue the long-term vision for The Sands.
Further questions can be directed to [email protected].