Virtical sites in Eden listed for sale

The 10,000 square metre site of the Fishermen's Club had been listed for expressions of interest, which closed on November 1.

Once destined to include three apartment blocks and a 75-room resort and swimming pool - termed the Sapphire of Eden - the site has been the source of legal arguments between the owner and Bega Valley Shire Council.

The Coast Motel is on the market for $3.25million, down from the $3.5million it was first listed at three months ago, according to business broker Malcolm Mathie of Manenti Quinlan & Associates.

Both properties are owned by Virtical, which used to be known as Core Asset Development (CAD).

Mark Toma who was the managing director of CAD is now the managing director of Virtical.

John Palasty who was the senior adviser and man on the ground at Eden, said the name change was because there were several companies with similar names.

CAD remains a registered company but share ownership has changed hands twice with the movement away from Mr Toma and Mr Palasty's wife, Judith Palasty.

In the meantime Virtical has been on a buying spree of enormous proportions having purchased the Adelphi Hotel in Melbourne for $25million, and the Kinselas Hotel and Courthouse Hotel Taylor Square, Sydney, for $61million.

With much larger projects in the offing, it's not surprising that Mr Palasty was talking about less involvement in Eden.

"We've pulled out of Eden. The bureaucracy has given us no support but the community has good people in it," Mr Palasty told ACM.

Work was due to restart on the Sapphire of Eden in March 2023 after a 14-month dispute but there have been further dispute's affecting the Hotel Australasia, also owned and operated by Virtical.

A case remained listed in the NSW Land and Environment Court between Bega Valley Shire Council and the Hotel Australasia.

Mr Palasty said it was about the original stop work notice issued to the hotel some six months ago.

Virtical purchased Twofold Arcade next to the Australasia Hotel. Mr Palasty said the company was preparing a development application "to get Woolies in there".

But apart from that possible development Mr Palasty indicated he wouldn't be spending much more in Eden.

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