Bright Country GC To Join Venture With Local Property Developers
By Mathilda Andersson
Bright Country Golf Club in country Victoria is moving forward on a joint venture proposal from local developers to turn part of the unused club land into a nine lot subdivision.
The expansion involves the freehold land adjacent to the Ovens River at the eastern end of the golf course, which has been listed as available for development for some time.
The suggested undertaking will proceed as a partnership between the club and the developers, with net proceeds of the land sales to be shared equally between the two parties.
The Expression of Interest was lodged by Allan and Robyn Poyner at the club in late August this year, and was brought in front of the club Committee on September 7.The Committee unanimously recommended club members to approve of the joint venture proposal.
Robyn Poyner, who is a member of the Committee, did not attend the deliberations.
In a note to members following the committee meeting President Peter Malking expressed the value of the tender to the club in a plea for a members’ approval.
“During past years we have received various offers, expressions of interest, joint venture proposals and none of these have come to anything nor have they offered the return to the club that the Poyner proposal does,” he stated.
“The Poyner proposal involves no financial risk to the BCGC as the land is not required as supporting collateral to the development.”
A Special General Meeting was held at the club on October 12 for discussion and subsequent voting on the matter.
Secretary Richard Beck said that the club, in contrast to many others, has not been doing it tough financially but simply wanted to cease the opportunity to ‘cash in’ on a vacant site.
“The club has been looking to redevelop the land for some time now and this was the right offer,” he said. “The land is accessible from the road so the development will be away from the club and won’t effect the course or any of our members.
“The developers are responsible for all costs until clear title of the lots is received, and we’re expecting a $1.1m check at the end.
According to Beck, the club is expecting development to reach subdivision state by 12 months.
The considered site was recently valued to a market worth of between $400,000 – $700,000 by local Real Estate agents, with an estimated financial outcome of little over $1million, prior development costs deducted.
Click here to read more articles from GIC summer 2016 e-magazine
In this 2016 summer issue we have a look at the ever-growing presence of MSL Solutions and their move into the global golf market, as well as their evolution into the Australian market. We also hope to start a discussion about Daylight Saving and the potential impact on the golf industry in SE Qld. We hope you enjoy the read..
