The Eden Fishermen's Club officially has new owners.
Core Assets and Development group CAD has announced its acquisition of the club after the site was announced as under contract in October.
"This is a great opportunity to the group in its current expansion phases which are focused into opportunities in regional areas around Australia in such regions as Eden which was hit by the bush fires and then Covid and will generate much needed jobs into the area and will be continuing its relation with the club in helping grow the area further," CAD Group managing director Mr Mark Toma said.
"it will be linking packages for tourists to the Eden country club which has an 18 hole championship golf course allowing golf packages."
Mr Toma said the Group was working closely with the club to ensure the best outcome for everyone involved in the area.
CAD Group will be redeveloping and refurbishing the existing club house with a $65 million strategy to accommodate some 62 five-star accommodation rooms and has engaged the services of Stephen Jones Architects as its principal designers.
The hotel will be known as "The Sapphire at Eden" and will have a 120-seat restaurant with 360 degree views.
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The refurbishment will include a health retreat with a pool, spas, saunas, a gym and other facilities, including two conference rooms and a wedding reception centre.
The CAD Group said the balance of the land would be developed into units and serviced apartments with possible future linkage to the hotel as further accommodation.
The hotel will be managed by an internationally branded hotel operator. CAD Group is already in negotiations with several operators.
The group hopes the new development will link the cruise shipping terminal, when it resumes after it was greatly disrupted by COVID-19, to act as a gateway for visitors from Victoria as well as those in Canberra and the Snowy.
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Mr Toma said the Eden site was the whale-watching capital of NSW and the location at the top of town would provide expansive 360 degree views.
CAD Group said the site offered proximity to Bega, the iconic dairy and cheese capital of Australia as well as the many heritage towns scattered along the Far South Coast.
Stage one is proposed to open late in 2022 with a number of local jobs generated during construction.
Once completed the hotel will have some 50 to 80 part- and full-time staff, Mr Toma said.
"CAD is also be focused on training of apprenticeships and other training services much needed to the area so as to grow the region and its services.
"We look forward with working with all the community to achieve the best possible for the region."