Fears Sands Torquay golf course debacle could kill home prices
Homeowners around Torquay’s The Sands are fearing a decline in property value if the resort’s golf course fails to sell and will be closed down.
Owner of the resort and chief executive of the Handbury Group Blake Ammit, sparked the residents concern earlier in the week when he decided to decline a $7.5 million offer to buy the 18-hole facility, a decision which was supported by all councilors.
A report noted that “the proposal would not be financially sustainable and did not align with strategic priorities.”
The resort has previously been estimated to a worth of about $25 million.
In 2013 Ammit had sought council’s approval to turn the resort in to an aged care facility, and has reportedly attempted to sell the resort at three other occasions.
“Given the recommendation for council to ‘decline’ the opportunity to purchase the golf course … what will council do when the golf course is closed down by the owners?” he asked.
In response, the council’s governance and infrastructure general manager Anne Howard said the future of that development and any decision to close it “will be in the hands of the owners”, adding that the council “doesn’t see an active role in what happens after that”.
The Sands Torquay golf course, designed by Australian professional golfer Stuart Appleby, opened in 2004 and was recently rated in the top 100 Golf courses in Ausrtalia by golf Digest magazine.
The Handbury Group has put up the championship course for sale twice in the past three years.
Click here to read full story
