The Sands to go on the market

THE Sands Resort will be placed on the market later this month after private lender Smart Wealth appointed receivers to sell the property.

The Torquay-based resort entered voluntary administration last month, with Helm Advisory managing director Stephen Hathway appointed as receiver soon afterwards.

Mr Hathway said 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 will oversee the expressions of interest campaign.

Director Transaction Services Guy Wells said the campaign would be six weeks long and begin as soon as next Wednesday (August 12).

Mr Wells said the current restrictions on travel could benefit the resort.

“Since the closure of the metropolitan border, and with the Bellarine and Surf Coast region not impacted by current restrictions, the golf course has continued to increase membership and public rounds.

“Based on this, combined with the expectation of extended international border closure, we anticipate that regional locations to continue to see domestic tourism increase, which will only benefit an asset like the Sands at Torquay, particularly when Melbournians are once again able to travel.”

National Director Joseph Lin also noted they had already had people make enquiries about purchasing the resort.

“We have fielded a number of calls over the past week following our appointment and it seems that initial
interest in the asset is promising.

The resort was last purchased in 2017 by Cloud Abacus Holdings and Odyns Holdings for about $23 million.