A BATHURST councillor says the Citigate Mount Panorama Hotel could be a good investment for the city – at the right price.
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The resort-style hotel with a view across one of the world’s best known motor sport circuits has been on the market since June but it seems investors don’t want to touch it.
altex Chase was first put up for sale, selling agents CB Richard Ellis Pty Ltd claimed the market would dictate the price.
However, it was widely rumoured it could be a bargain hunter’s dream thanks to the establishment’s chequered history since being completed in September 2009.
And as more time passes without a buyer being found, Councillor Ross Thompson believes the day might be drawing near when council should consider making an offer.
He said if Citigate could be purchased “for a steal” it could be a worthwhile investment for Bathurst Regional Council.
“There has to be a tipping price point at which council would have to seriously take a look buying it,” he said. “One of council’s core functions is sound investment and certainly property is a key component of that.”
Cr Thompson said Citigate was a “wonderful piece of property” which could be put to any number of uses.
He said it was clear the property was not selling and it was only sensible to have a good look at it.
The resort went into receivership with Deloitte several years ago and was reported as having debts of more than $30 million.
Mirvac Hotels were appointed by the receiver’s to run Citigate Bathurst and have a 20-year lease on the hotel, although the debt on the property is carried by the Royal Bank of Scotland who instigated the sale.
Citigate general manager Darren Peacock said earlier this year the property would be ideal for an individual owner who loves the sport of car racing.
“I suppose you could say a John Singleton type,” he said.
However, Mr Peacock was not prepared to comment on the sale of the property.
“We have been advised by head office that we cannot comment on the proposed sale of the property. Mirvac have very strict guidelines around speaking with the media and these are heavily enforced.”
Andrew Jackson from CB Richard Ellis told the Western Advocate last week he was tied up in meetings and did not have time to comment.
However, he did confirm there was nothing to report in relation to the sale of Citigate Mount Panorama, confirming the fact that finding a buyer for the property was proving difficult.