CCBR Business Review

7 New life for Forresters Beach Resort G E N E R A L N E W S WELL KNOWN LOCAL businessman, Warren Hughes, and his wife Donna have purchased Forresters Beach Resort with plans to bring it back to its former glory. Built in late 1980s the property had a reputation as a high quality function centre hosting weddings, business and social events, while offering accommodation of 100 beds. Over the years it has seen a number of owners, gradually declining to a point where a substantial refurbishment has become necessary. Mr Hughes bought the property for a reported six and half million dollars and is spending a further two million on a beautifi- cation program and transforming the resort to a preferred place for locals and tourists to visit with an emphasis on local employment, local suppliers and service operators. The property comprises a 36-room 100 bed two level motel with pool and gardens and wedding/conference facilities on a 8,231 sqm site at 960 The Entrance Road, Forresters Beach. When completed in October it will fea- ture a new locally operated bar, restaurant, café, deli, homewares, well being centre and travel agency. As part of the purchase Mr Hughes also acquired Terranova Seniors Tours which the owners had acquired when the business was operated by the original operators who owned a motel at Niagara Park. Terranova Seniors Tours specialised in bringing seniors to the Coast on two to five day coach tours and were well known and popular across the state in a market that they developed over 30 years. The business and motel were sold when they retired. Mr Hughes said that he will bring Terranova Seniors Tours back to life and plans to double the current tours per year. Architect’s image of the new Forresters Beach Resort Melbourne private equity firm, IP Generation has acquired the shopping centre portfolio of the Lederer Group, owners of the Imperial Centre Gosford, for a reported $300 million. The centres include Cessnock, Gosford, Richmond, Miranda, Corrimal and Goulburn. Lederer Group have owned the Imperial Centre since 1998. in 2015 they spent $18 million on an exten- sive refurbishment of the centre that included an expanded food offering with 344 seats. In an Australian first, Lederer Group, in early 2021 announced the opening of the ET Australia Secondary College, an independent high school located on the first floor of the Centre. Opened in 1972 the Imperial Centre has had a number of owners. The Lederer Group bought the Centre from the South Australian Superannuation Fund for an undisclosed sum Meanwhile, the Lederer Group is moving forward with its Gosford Alive project to develop a five tower mixed-use development on the former Marketown site known as Kibbleplex. Private equity firm buys Imperial Centre Gosford Imperial Centre Gosford CENTRAL COAST BUSINESS REVIEW JULY 2021