St Andrew's Golf Club to Fetch More Than $50 Million for Administrators |
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Written by Marc Pallisco
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Monday, 12 May 2008 |
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Administrators for failed golf club developer Golf Club Proper-ties are hoping to reap about $50 million in cash from the sale of the St Andrews Golf Course and resort on the Mornington Peninsula, which was finally put to the market this week.
Spread over four titles, the sale includes the par 70 Gunna-matta Golf Course, a clubhouse, 20 apartments and a car park.
Knight Frank director Michael Hede said early buyer inquiry was coming from Australia, Asia and Europe.
He said it was a testament to the reputation of the course that more than 40 inquiries had already been received.
He said besides the Gunna-matta course, the sale included a permit for the par 72, 18-hole Fingal course. Permits for 121 apartments, a hotel, members clubhouse, day spa and golf practice facilities will also be sold.
Ranked as one of Australia's best when it opened in 2005, GCP went into administration last month with debts to credi-tors of about $60 million.
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