The Sands Resort not yet sold

TORQUAY’S The Sands Resort has not been sold, but negotiations are continuing with at least one prospective buyer.

The resort entered voluntary administration in July, with the Melbourne office of firm PKF Australia to make “an urgent assessment of the financial position of the company”.

In July 2017, previous resort owners The Handbury Group announced they had sold the golf course and hotel complex to Cloud Abacus Holdings and Odyns Holdings, who operated the resort through their operating company, Walden Cloud Group.

The terms of the sales agreement remain confidential, but a six-month marketing campaign in 2016 to sell the resort valued the entire property at about $25 million.

Private lender Smart Wealth appointed receivers Helm Advisory in August this year to sell the property, with managing director Stephen Hathway saying at the time the resort would be “a great opportunity for the right buyer.”

The 18-hole golf-course and 112-room hotel, health resort, pool and restaurant will all be included in the sale.

Colliers International oversaw the expressions of interest campaign.

Media reports last week stated the resort may have found a buyer, but PKF Melbourne’s Paul Allen, who is the voluntary administrator of the companies that own the assets that comprise The Sands, said this was not the case.

“At this stage, The Sands has not been sold.

“There were more than 20 parties that made offers for The Sands. The administrators are currently negotiating with the preferred bidders.”