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LAST RESORT

25/07/2008 9:24:00 AM
Receivers trying to sell the troubled Mount Panorama Resort may have an interested party right on their doorstep.

Bathurst Regional Council has been mooted as a potential buyer for the resort, but management was this week unwilling to confirm or deny any plans.

The $50 million development has sat idle since receivers Deloitte were called in last August.

Deloitte put the resort on the market in October but, despite some expressions of interest, has been unable to find a buyer for the 135 strata-titled apartment complex. It has been suggested the resort might sell for $25-$30 million.

But despite growing speculation that council might be looking at the resort, general manager David Sherley would only say that as far as he knew there had been “no resolution at that site”.

But, when pushed, he conceded that finding a buyer for the resort would benefit the whole region and that the longer the development remained empty, the more difficult the issue became.

“Buildings need to be utilised,” Mr Sherley said. “As far as council is concerned, the best thing would be for that resort to open as soon as possible because of the benefits to all events at the Mount.”

Mr Sherley said council believed the resort would be booked out for four major events a year: the Bathurst 1000; the Bathurst 12-Hour; the Festival of Sporting Cars; and Trackcorp, a private event where the track is hired out to a private company for exclusive use.

“We believe it would be full every time there is a full-track event at the Mount, and there are four of those a year, and also provide extra accommodation which would be a benefit for the whole region,” Mr Sherley said.

He said council was in regular contact with Deloitte to monitor the resort’s progress.

“We’re regularly talking with Deloittes to understand where they’re up to with the potential selling of the facility and also to understand their intentions for it,” he said.

“For example, we needed access to that site for the V8s last year and had to get that through Deloittes. We would like to see the whole facility being available for the V8s this year, but otherwise we will be talking to Deloittes again about at least getting access to the front of the site.”

However, with elections to be held in September, any decision on buying the resort would fall to the new council.

Mayor Paul Toole, who is expected to easily retain his spot on the new council, yesterday said he would not be keen to see council enter the resort business.

“If it came up at a giveaway price, when you’re talking about a $50 million resort you would have to be silly to say you would never consider it,” Cr Toole said. “But if it was going for around $30 million, then I wouldn’t be wanting to put the ratepayers through that.”

*** YOUR SAY: Would the Mount Panorama Resort be a good buy for council? Email us at editor.westernadvocate@ruralpress.com, by mail at PO Box 11, Bathurst 2795 or fax on 6332-2709.

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FOR SALE: There is growing speculation that Bathurst Regional Council might be considering buying the $50 million Mount Panorama Resort. Photo: ZENIO LAPKA	 072408zresort1
FOR SALE: There is growing speculation that Bathurst Regional Council might be considering buying the $50 million Mount Panorama Resort. Photo: ZENIO LAPKA 072408zresort1

16/12/2008 | So we now have desperate parents attempting to bribe teachers to get their children into a selective high school. What a sad indictment of our education policies, the holy grail of which is parental choice.
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