CAD Group has purchased the Eden Fishermen’s Recreation Club with plans for a luxury hotel, serviced apartment and residential project.
The sale price is speculated to be $4.5 million.
The proposal will see the 2600 square metre building refurbished and branded The Sapphire at Eden – with 62 suites, two conference rooms, a 120-seat restaurant, wedding reception centre, gym, pool, spa and health retreat.
It will be run by Radisson Hotels and be 5-star.
The balance of the site is earmarked for residential units and a serviced apartment complex – the latter likely to be connected to the guesthouse.
Earlier this year ALH paid a speculated $5m-plus for the adjacent c1857 Great Southern Hotel, which is also set for a high-end refurbishment.
Last week we reported a consortium led by Ged Dore spent $6m on Berry’s Great Southern Hotel – about 330 kilometres north of Eden.
End of an era for Fishermen’s Recreation Club
On Imlay St, the Eden Fishermen’s Recreation Club site spreads 9873 sqm and is zoned B4 Mixed Use with a 16 metre height limit (story continues below).
The association had been based at the property since 1950; it officially opened in May, 1951.
CBRE’s Xavier Rahme and Nicholas Heaton listed it vacant last September.
CAD (Core Assets and Developments) has priced the end value of its project at $65m.
“The property is located in the whale watching capital of NSW and is perched on the highest point in the region with expansive 360-degree views,” a company statement said.
“It is [also] the cheese capital of Australia with heritage towns scattered and up and down the Sapphire Coast,” it added.
Eden is about 270kms south east of Canberra. It is c470km south of Sydney.