Sands golf resort – Torquay sells for $12.8 million

Written by:

Former Morgan Stanley executive Jack Dahan has acquired the Sands golf resort in Torquay on Victoria’s Bellarine Peninsula for $12.8 million, paying just over half what it changed hands for four years ago.The 76-hectare resort, originally developed by Rupert Murdoch’s nephew,  Paddy Handbury, includes an 18-hole championship golf course designed by PGA tour winner Stuart Appleby plus a 112-room upmarket hotel previously operated under Accor’s Peppers brand.

Having temporarily closed in the pandemic, the resort was put up for sale last August by receivers acting on behalf of secured lender Smart Wealth after the clutch of Chinese companies that owned and operated it were placed in the hands of administrators from PKF in July.

The Sands Resort, Torquay has been bought by Jack Dahan 

A report lodged with ASIC by PKF, said settlement had occurred on February 10 for $12.8 million including GST. The resort last sold for some $23 million in 2017.

The new owner is a company solely directed and owned by Mr Dahan, who heads up a number of investment and advisory firms, including Fielding Hill, a small family office and advisory firm Hennessey Capital Partners.

Prior to that he was a vice-president at Morgan Stanley Private Wealth Management for almost 16 years.

Mr Dahan is also a director Kangaroo Island Links, which is looking to develop a golf resort at Pelican Lagoon on Kangaroo Island. He was not immediately available for comment.

Colliers International selling agents Guy Wells, Gus Moors and Joseph Lin said it was their understanding the new owner planned to reopen the hotel in the short term, after its COVID-enforced closure.

“The 18-hole golf course will continue to operate to satisfy local and tourist demand,” the agents said.

Source, Image & More: https://www.afr.com/

Comments