Frankston’s Ambassador Hotel site on the market once again after auction sale falls through
JUST when it appeared things were looking up at the troubled Ambassador Hotel site, the Leader has learned the function centre subdivision is again up for sale.
South East
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JUST when it appeared things were looking up at the troubled Ambassador Hotel site, the Leader has learned the function centre subdivision is again up for sale.
The derelict building is finally being demolished, but the site’s future is still clouded.
RELATED: Demolition work begins on Ambassador complex
Last year the property was sold at a mortgagee auction for $2.24 million to businessman Harry Matsoukas.
It went under the hammer after previous owner Joanna Kordos failed to make payments so mortgagee Jack Gringlas, from finance company Jadig Group, put it on the market.
KBL Commercial estate agent Max Braude, whose firm oversaw the building’s auction in September, said the sale to Mr Matsoukas had fallen through.
Mr Braude said repeated attempts to finalise the sale with several other interested parties had also failed.
The building is now likely to again be put up for auction.
RELATED: Ambassador sold for $2.24 million at auction
Mr Braude said Mr Gringlas was demolishing the building to comply with a directive from Frankston Council.
“He is complying with the council. They demanded it be demolished,” he said.
Mr Gringlas could not be contacted for comment.
When asked why the sale never went ahead, Mr Matsoukas told the Leader: “I am not involved with it anymore. I am not going to comment on those things.”
Ms Kordos, who wanted to build a four-storey, 37-apartment complex, said she was still interested in the site.
“It’s something I have always been interested in from a commercial value,” she said.
“There’s certain possible things with new partners. I am looking at those avenues.”
Ms Kordos said the Jadig Group had taken a “kneejerk” action by selling the property at a mortgagee auction.
The Ambassador site has long been regarded as a magnet for criminal activity and anti-social behaviour.
Both the chapel area and former motel units at the back, which have been converted to low-cost apartments, have separate owners.
