New village entrant Mariner buys Geoff Cox’s 65 ILU Hermitage village from receiver, priced at $6.25M, on the heals of purchasing The Woniora

One day after signing the contract with receivers to secure the 51 ILU The Woniora village in Sydney, Mariner Corporation CEO Darren Olney-Fraser signed a second receiver’s contract to buy the Hermitage Lifestyle Resort at Tea Gardens (pictured), 40 minutes north of Newcastle. Both villages are premium quality and offer significant development upside. The Mariner purchase saved The Woniora as a retirement village and offers a further 51 ILUs to be built. The Hermitage has the community facilities in place and 65 ILUs built of an approved 280. It is part of the Creighton Properties Group assets built over 10 years by the owner Geoff Cox, including his regional land banks. Reflecting their quality, the receiver McGrathNicol, has achieved quick sales for most of them utilising Colliers.