The club, which boasts one of the best golf courses in Australia, has signed a preliminary agreement with Principle Living, a joint venture between the McCloy Group and Stevens Group.
Stevens property group director Brett Harrod said the plan included 64 units in two four-storey towers and 80 houses and villas overlooking the course along Nelson Bay Road.
The development, which Mr Harrod labelled “upmarket”, will be the fourth seniors village in Fern Bay.
The golf club’s members voted three years ago to investigate opportunities to redevelop part of the course to shore up its financial future.
The club talked to Woolworths about building a supermarket, but these plans have been abandoned.
Click here for full story