Halcyon has entered into a contract to purchase the golf club and 34ha residential development site at Pimpama, totalling about 114ha. The sale, for an undisclosed price, is due to settle mid next year.

Under the arrangement, the Gainsborough Greens Golf Club will continue to be operated by GC Golf Management.

Halcyon has also committed to developing a new and improved golf, function and community centre which will be on the western side of the golf course, alongside a proposed 500-home over 50s ­resort community.

The existing club house will continue to operate until the new facility opens in mid 2018.

Mirvac’s head of residential John Carfi said the developer always planned to divest the golf course to focus on its core business.

“Mirvac is not a golf club operator and we wanted to ensure the long term future of the course by finding the right owner, who could deliver a new and improved offering for our residents and the wider community,” he said. “While we fielded a number of offers for the course, this deal was really a win-win for all involved.”

Mirvac snapped up the golf course as part of a 367ha site it bought jointly with former listed Gold Coast property ­financier and funds manager City Pacific for $100 million in 2006.