Browsing Golf Industry NewsVIEW ALL

Shortland Waters GG sold to retirement village developer for $1.25m

POSTED ON November 13, 2018 @ 12:40 pm

Club president Ron Freeman said Shortland Waters had no option but to sell to Aveo after going into voluntary administration this year.

The club has been suffering a cash-flow crisis after a delay in the construction of new holes to replace those lost to an Aveo retirement village being built in the middle of the course.

The club agreed to sell off part of the course to Aveo two years ago in a deal which rescued the club, at least temporarily, from financial difficulty. Aveo took out a caveat over the course which has thwarted the club’s attempts to borrow money to trade out of its difficulties.

The company told the Newcastle Herald in August that it “would not be a candidate” to take over managing the course. It has now entered into a deed of company arrangement with administrator Rapsey Griffiths to pay $1.25 million for the club and lease it back to members for 20 years.

A prominent Hunter developer with detailed knowledge of the course’s value said the land next to Newcastle University had redevelopment potential.

He said $1.25 million was a “steal” and about 20 per cent of the land’s market value.

A former Shortland Waters club director said Aveo had “behaved as you would expect a developer to behave”.

“They had intimate knowledge of the club’s finances and have positioned themselves beautifully to take advantage of the club’s situation,” he said.

“Their offer of $1.25 million is grossly inadequate given that it includes the land area of an 18-hole golf course as well as a new $3 million clubhouse and car park.”

Click here to read full story

Comments are closed.


CLICK HERE TO Sign Up for the GIC Newsletter for all the latest Industry News.

Grow the Game Central Golf Recruitment Central Golf Marketing Central

Strathfield Golf Club returns as inner Sydney’s premier go...

By Mathilda Andersson Sitting in the lawyer’s office...

Yangtze Dunes re-opens after renovation by Aussie firm OCCM...

Yangtze Dunes, the newly renovated 18 here at...

Shortland Waters GG sold to retirement village developer for...

Shortland Waters Golf Club members say they feel “dudded”...

Innovation in focus at NZ Golf Managers Conference...

Last month Golf Managers New Zealand (GMANZ) 8th Biennial Conference took place in the world’s adventure capital Queenstown, NZ, and gathered golf...

Ian Baker-Finch’s Open triumph leaves lasting legacy for ch...

Ian Baker-Finch, who enjoyed a memorable triumph at The Open in 1991, is to donate $50,000 to charities in Australia and the...

Longyard golf course development plans blocked by council...

TAMWORTH Regional Council has stopped a $6.25 million over-50s village from being built around the Longyard golf course. Councillors voted unanimously to...

SEEK: Inclusive Golf Coach – Empower Golf...

Part Time Position : Inclusive Golf Coach Empower Golf is Australia’s premier multi disability inclusive golf organisation, with it’s office located in...

Troon founder to step down as CEO, remain as Chairman...

Dana Garmany, the founder of Troon, the world’s leading golf course management company, announced yesterday that he will be...

Royal Melbourne voted 6th most exclusive Golf & Country Club...

One of Australia’s oldest golf clubs, Royal Melbourne, have received the ultimate recognition when making the list (#6) of...

Cam Ranh Scores Major Win at Asian Golf Awards...

One of Vietnam’s newest golf courses, KN Golf Links – Cam Ranh, made a stellar debut at the 2018...

China Raid Nets 29,000 Pieces of Counterfeit Golf Equipment...

The US Golf Manufacturers Anti-Counterfeiting Working Group (The Golf Group) has announced the largest single seizure in the past...

GIC Summer E-Magazine OUT NOW!

This Summer issue will recap the year behind us and take you around the region and give insight to...

Tiger Woods and Discovery’s GOLFTV Announce Exclusive Partnersh...

In a major development as part of the strategic partnership between Discovery, Inc. and the PGA TOUR, GOLFTV has...