So despite the massive public disapproval, the iconic Sando has failed to prove its value to the bank. It’s now looking as though the property will be redeveloped into apartments.
The Sando has been the talk of the town recently after it was announced that the venue would be going into receivership. Tonnes and tonnes of people showed up in support of the pub, taking the protest to the bank’s door, demanding that they release control back to the venue’s owner, Tony Townsend.
Townsend spoke to SmartCompany about the recent update, stating that “we have tried a number of times to bring the bank to the table and we have actually made a few offers to the bank and at this point of time they are going to take it to due process.”
Townsend added, “We’ve worked through a number of solutions since that letter of demand but it’s very difficult when you have a scenario of interest jumping from $16,000 to $48,000 per month plus other costs, such as the receiver’s costs and legal costs. It’s just a recipe for disaster, especially when you put your hand out to the bank and said we are in trouble, we need you to give us a hand, that’s the sort of hand we got given.”
The local business owner has still not totally given up hope, currently hunting for an eleventh hour investor who can help keep the doors open. So far, Russell Crowe, Dave Lowy and one of the Wiggles have declined. So if you know anyone with a cheeky million or two laying around collecting dust, you know what to do.
“Last call to action, or last drinks at the Sando.” Townsend told Drum Media.
