Trinity sells MR, property in Victorian resort
Trinity Ltd has sold 23 freehold apartments, conference centre and the resort manager's apartment, as well as the management rights over 91 strata-titled apartments in the 4½-star Victorian coastal complex Cumberland Lorne Resort.
The $9.1 million deal was sold at an estimated $1.9 million loss just months after Trinity announced a multimillion-dollar write-down on the Great Ocean Road resort.
The $3.2 million write-down was cited as the cause of the Trinity's $3.7 million loss last year.
''The write-down reflects the depressed market conditions being experienced by the coastal leisure property sector,'' according to Trinity's half year financial report.
Source: AccomNews, 8 April 2013