This article is from the Australian Property Journal archive
Sunflower Holdings has sold decided to sell its remaining resort in the Margaret River region in Western Australia, following the sale of its Perth Ambassador Hotel early this year.
Sunflower Holdings, which is a wholly owned subsidiary of Singaporean stock exchange listed L.C Development, has sold the Gilgara Retreat to Agefame Pty Ltd as the trustee for Agefame Unit Trust for $2.5 million.
The property is located at Lot 5 Caves Road, Gracetown in the Margaret River region.
Gilgara Retreat is operated as a resort homestead with 14 ensuite rooms.
L.C Development’s company secretary Lee Sok Koon said company bought the resort earlier with a view towards capitalizing on the expected synergies with Perth Ambassador Hotel.
However, in March this year the company sold the 171-room Perth Ambassador Hotel for $12.8 million to the Goodearth Hotel and Resorts Group.
L.C Developments said proceeds from this sale will be used for the group’s other business.
The transaction is conditional upon the purchaser receiving approval from the Foreign Investment Review Board of Australia for the purchase.
By Adam Parsons
