$3.3m retirement living project proposed for golf club
TOOWOOMBA Golf Club will vote on an offer to build 75 retirement apartments in three buildings worth $3.3 million.
The special meeting tonight will determine whether the proposal by Aura Holdings goes ahead, including building on part of the ninth green, and relocating goods sheds on the Middle Ridge course.
A letter sent to Toowoomba Golf Club members last month detailed the long-term offer worth $3.3 million.
A $1.21m up-front lease payment would be paid to the club “upon receipt of development approval from Toowoomba Regional Council” for the 75 apartment development expected by February next year.
A further $1.65m would be paid on practical completion of the apartments by May 31, 2019, and ground rent fees of $88,000 annually “at each anniversary of the practical completion of the three buildings delivering 75 apartments”.
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