MBFI Resorts sells Wirrina Cove in Australia for A$14.25mil

  • Business
  • Tuesday, 27 May 2003

MBFl Resorts Pry Ltd has sold its troubled Wirrina Cove Resort in South Australia to Sefule Pty Ltd, a Sydney development company, for A$14.25mil, it was reported. 

New managers Glenn Stevenson and Adam Freeman are planning a A$2mil facelift for the 486ha resort, 95km from Adelaide, which went into voluntary administration in March with debts of A$45mil. 

MBfI bought the resort for A$3.75mil after it went into receivership a decade ago. 

The first change by the new owners will be the tourist facility's name, with a community competition to decide its new title.  

The revamp will include a second golf course, 1,000 home sites, reopening of the caravan park, a marina redevelopment and restoration of 90 rooms and 53 condominiums. 

Stevenson was reported in the “Adelaide Advertiser” newspaper as saying that the resort would retain its family focus along with its 48 staff, who were excited by the takeover. 

He said that a strong investment and new marketing strategy would ensure the resort regained its slice of the tourism market. 

“This is a hotel that was broken and we are conducting a body transplant,” Stevenson said.  

“We bought this business with the intent of doing what council has planned for this property.” – Bernama 

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