Following the sale of the Australasia in September, further inquiries have revealed information provided to ACM about the sale price of the property was incorrect.
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Core Asset Development (CAD) had earlier stated the company acquired the historic Australasia Hotel from builder Neil Rankin, "for around $5million."
However, CAD neglected to specify that the figure given included the predicted cost of the redevelopment and have since apologised, stating that roughly $1.6million was the upfront purchase price, plus a further $3.4million estimated for the expansion and renovation.
Aware there was some sensitivity regarding the figures, given the 1904 hotel was formerly purchased from Bega Valley Shire Council for $150,000, builder Neil Rankin said council should be commended for their efforts in contributing to the project reaching its current level.
"They should be an example to other shires by encouraging building developers to move in and invest in buildings that deserve to be saved. Instead of an eyesore, you now have an asset," Mr Rankin said.
"You can see the rewards straight away, the building had sat there for 10 years and they couldn't sell it.
"There's not much future for struggling heritage buildings, having private developers invest millions in town means Eden will have something which won't be matched anywhere between Sydney and Melbourne."
Mr Rankin said money the shire put into the Australasia was nothing compared to the money he personally had spent and the contribution Core Asset Development was continuing to make.
"It's a credit to the council, as they wouldn't have had the money to do it up. It's time people stopped bagging the council," he said.
Mr Rankin said the community group Eden's Australasia, which lobbied to ensure the building was put on the heritage list and fundraised to preserve the building, also deserved recognition.
"Everyone's got a spoke of the wheel and has contributed to it," he said.
Describing the hotel as he bought it as a "derelict shell", Mr Rankin detailed the extensive works being undertaken to develop the 1904 hotel.
"It's got new upper floor and ground floor, all the doors and windows have been replaced, along with all the wiring and plumbing... not a single skerrick remains," he said.
"People don't understand how much it costs to make a commercial building comply, it's an enormous project.
"I've said before, it should have cost one dollar, I actually spent too much on it and council did a good thing selling it to me for a low price so I could spend the money on it," Mr Rankin said.
Having spent roughly $1.5million on the Australasia prior to its sale, the builder believed strongly that Core Asset Development was now bringing professionalism to the project which the building deserves.
"It's going to be bigger and better than anything I had imagined before, they are putting in the finest of fixtures. They are trying to lift Eden's image a bit, they have come along at the right time."
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Leah Szanto
Regional journalist covering the Far South Coast of NSW.
Regional journalist covering the Far South Coast of NSW.
