Patterson River Golf Club Completes $2.52m land Sale
In a good news story for Bonbeach, Patterson River Golf Club has announced the sale of a parcel of land to ASX listed Folkestone Educational Trust for the establishment of an Early Childhood Learning Centre for local children.
Folkestone believe the delivery of a high quality childcare centre in this location will provide well needed additional amenity to the local community, particularly given the proximity to Bonbeach Primary School. The section of land is located on the corner of The Fairway & La Perouse Blvd.
Announcing the sale as a win-win for both the golf club and local community, Patterson River Golf Club President David Healy said: “We could not have hoped for a better outcome both for our local community and Patterson River Golf Club. Patterson River Golf Club is debt free, and upon settlement will enjoy multi-million dollar reserves, an outstanding member golf course, and a stable outlook that will see the club financially able to continue for many years while working on options to attract new members in a changing market.”
The Folkestone Education Trust is the largest Australian listed property trust investing in early learning properties within Australia and New Zealand. The Trust has total assets under management of approximately $750 million and 396 properties in its portfolio.
Folkestone have recently completed the construction of a high quality childcare centre at 15 Herald Street, Cheltenham and also have centres under construction in Highett and Brighton East.
Folkestone anticipate the centre opening in mid-2018.
