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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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”.<\/p>\n
“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.<\/p>\n
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”.<\/p>\n
“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.<\/p>\n
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.<\/p>\n
CRC will also invest in equipment and infrastructure, including upgrades to golf course maintenance equipment and the existing fleet of golf carts.<\/p>\n
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”.<\/p>\n
“CRC\u2019s position is clear: we are invested in the long-term success of The Sands,” Denny said.<\/p>\n
“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.”<\/p>\n
Read the full letter below:<\/p>\n
27 March 2026
\nThe Sands Residents
\nSands Boulevard
\nTorquay VIC 3228<\/p>\n
Dear Residents and Community Members,<\/p>\n
Our commitment to the long-term future of The Sands<\/strong> Yours sincerely, Appendix A: Frequently Asked Questions<\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":" 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 […]<\/p>\n
\nCentral Real Capital Pty Ltd (\u2018CRC\u2019) is the senior creditor of the landholding entity at The Sands Golf Course and
\nResort (\u2018The Sands\u2019). On 11 February 2026, CRC placed the landholding entity into receivership, appointing
\nKordaMentha to assist with securing and managing the asset. We are writing to you directly to provide clarity on
\nour position and, importantly, to outline our long-term commitment to The Sands and its community.
\nCRC\u2019s objective is straightforward: to preserve, stabilise and enhance The Sands as a an exceptional
\nhigh-quality residential, hospitality and golf destination for the long term. We consider The Sands a unique
\nasset, and we believe its future success depends on thoughtful investment, strong management and genuine
\nengagement with residents, members and the broader community.
\nOur approach and long-term vision<\/strong>
\nCRC has no interest in allowing The Sands to drift or decline. In our view, there are only two paths for a precinct
\nsuch as this:
\n1. Gradual deterioration through under-investment, which unfortunately is where we are today, or
\n2. Carefully managed reinvestment, undertaken within the constraints of Planning regulation and legal
\nrequirements, to support long-term prosperity.
\nWe are firmly committed to the second path.
\nTo that end, CRC is actively considering significant capital investment of up to $5 million over time to support
\nupgrades, maintenance and improvements across the precinct. This investment is intended to underpin the
\nlong-term viability of The Sands and ensure it continues to deliver value and high-quality amenities for residents,
\nmembers and visitors alike. This capital investment is to be funded from the proceeds of the proposed
\ndevelopments, which are currently before Surf Coast Council.
\nImmediate focus: standards, management and maintenance<\/strong>
\nWe recognise that parts of the asset have not been managed to the standard residents and members rightly
\nexpect. Our immediate focus is on stabilisation and uplift, including:
\nSupporting the appointment and retention of first-class operational management with clear
\naccountability.
\nEnsuring that essential maintenance is prioritised and funded.
\nAddressing visible issues that affect day-to-day experience and presentation.
\nBy way of example, the golf course is a core asset of The Sands. CRC has already demonstrated its commitment
\nto maintaining course standards – including promptly addressing matters such as irrigation – where previous
\nmanagement decisions had allowed standards to fall below an acceptable level.
\nWe will also initiate investment in equipment and infrastructure, including upgrades to golf course
\nmaintenance equipment and the existing fleet of golf carts, to ensure the course is presented and operated to a
\nlevel befitting the precinct.
\nPlanning and the future of The Sands<\/strong>
\nYou may be aware that CRC has submitted planning applications to Surf Coast Council (refer to question four in
\nthe below Frequently Asked Questions). Planning certainty is critical to The Sands\u2019 long-term future.
\nCRC is committed to constructive engagement with planning authorities and professional advisers to
\nensure that future development and enhancement opportunities are properly considered, transparent and
\naligned with long-term outcomes for the community. As mentioned, we intend to invest at least 30% of proceeds
\nfrom a positive planning outcome directly into The Sands. We believe this investment is long overdue and
\nessential.
\nThis process will take time and will be undertaken responsibly. However, we see planning as an enabler of
\nlong-term sustainability, not a threat to it, and we are committed to ensuring residents and members are kept
\nappropriately informed as this work progresses.
\nCommunication and transparency<\/strong>
\nWe understand that periods of change can give rise to uncertainty and speculation. To ensure consistent and
\naccurate communication:
\nWe have established a dedicated inbox for questions and comments from residents and members.
\nShould you have any questions, please don\u2019t hesitate to contact thesands@centralrealcapital.com.au.
\nCommon themes and questions will be addressed through a Frequently Asked Questions (FAQ) update,
\nwhich will be shared more broadly. For now, we have included some likely common questions at
\nAppendix A.
\nOur intention is to communicate openly, while being mindful of legal and commercial constraints. If you would
\nlike to organise a meeting directly with CRC and our Planners, we welcome the opportunity.
\nIn closing<\/strong>
\nCRC\u2019s position is clear: we are invested in the long-term success of The Sands. We are prepared to support what
\nis required – financially and operationally – to preserve and enhance this asset for the benefit of residents,
\nmembers and the wider community.
\nWe look forward to working constructively with all stakeholders as we move forward.<\/p>\n
\nTony Denny
\nCEO
\nCentral Real Capital Pty Ltd<\/p>\n
\n1. Who is Central Real Capital (\u2018CRC\u2019)?
\nAnswer: Central Real Capital is a boutique private lending business that adopts a commercial and
\npragmatic approach to lending. We recognise that market dynamics ultimately drive outcomes and tailor our
\nlending decisions accordingly. Complementing our lending capabilities, our team also brings deep expertise
\nin property and construction.
\n2. Who are KordaMentha Restructuring?
\nAnswer: KordaMentha Restructuring is the distressed business division of KordaMentha, an advisory and
\ninvestment firm that helps clients to grow, protect and recover value.
\nKordaMentha Restructuring works with companies in financial distress \u2013 to restructure and to stabilise the
\nbusiness or to recover value on behalf of stakeholders.
\n3. How does the Receivership impact the trading entity?
\nAnswer: Craig Shepard and Andrew Knight of KordaMentha were appointed Receivers and Managers of
\nA.C.N. 644 931 108 Pty Ltd in its own right and as trustee for the DLH (Torquay) Property Trust (Receivers and
\nManagers Appointed), being the landowning entity.
\nThe receivership does not extend to, and does not affect, the trading business known as The Sands Torquay,
\nwhich is operated by a separate entity, DLH Food and Beverage Pty Ltd (ACN 645 970 207), pursuant to an
\nexisting lease arrangement.
\nCentral Real Capital has instructed the Receivers to support the ongoing operations of The Sands Torquay
\nand ensure business continues without interruption.
\n4. When were the land development applications submitted?
\nAnswer: Three applications were submitted on 19 December 2025:
\n1) Application to Amend the Comprehensive Development Plan
\n2) Application for Multi Lot Subdivision. Subdivision of Lot G to create:
\na. 1 very large lot to contain the existing Golf Course, Hotel, and carpark
\nb. 21 new residential housing lots at various locations around the perimeter of the existing golf
\ncourse (using existing road frontages)
\nc. 1 new lot as a site for 9 proposed townhouses (located at the existing tennis courts).
\n3) Application for 9 town houses.
\n5. Who has been involved in the land development applications to date?
\nAnswer: Who has been involved:
\nCentral Real Capital
\nEveritt Engineering
\nSt Quentin
\nConsultant ecologists, traffic engineers, stormwater engineers, architects, landscape architects,
\narchaeologists, bushfire experts, services engineers and legal advisors
\nOther relevant experts and consultants.
\n7. What will the $5 million injection made by CRC to The Sands go towards?
\nAnswer: The funds will be applied toward upgrades to the lobby and Pro Shop, the health club, pool
\nfacilities, outdoor equipment and machinery, as well as improvements to the conference rooms and
\nrestaurant.
\n6. Does the $5 million injection depend on the land development application being successful?
\nAnswer: Yes. The $5 million injection is contingent on the land development application being approved, as
\nthe funds are intended to be sourced from the sale of land.
\n7. Why is CRC looking to do further land development now?
\nAnswer: The proposed development is intended to fund necessary upgrades, reduce The Sands\u2019 debt,
\nsupport the engagement of a world-class operator (a process that is now in its final stages), and ultimately
\nposition the asset for sale within approximately five years to a financially strong, reliable and experienced
\nowner who will continue the long-term vision for The Sands.
\nFurther questions can be directed to thesands@centralrealcapital.com.au.<\/p>\n