Mosely real estate in Sydney’s south is being sold for more, after the sale of its property arm was delayed until late last year due to a massive storm.
The $5.6 million sale of the property company, which operates four hotels in Sydney, was supposed to be done in the first quarter of next year but was delayed by a storm and a $500,000 payout for the $2 billion storm damage.
The company, however, is currently in talks with a buyer and a decision on that sale is expected in the second quarter of 2018.
Mr Moselyn said the company would be open for negotiations and a final sale date had not been determined yet.
“We are currently engaged in a process with an interested party to review and possibly explore a sale for the company,” he said.
“That process is ongoing.”
Mr Motely said he was disappointed with the timing of the sale and believed the company had missed a “golden opportunity” to sell and build more hotels in the state.
“If it’s going to happen in the future, it will be because of this storm, but it’s not going to be because the government or a government official is trying to stop it,” he added.
Mr Masely said the storm was one of the most costly in the city’s history and the company was looking forward to getting back to work on the site.
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