Course Development
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 .
30 The Golf Marketing Professionals www . golfindustrycentral . com . au