These apartments could yield the new owner about of $35 million, if onsold to private investors, and would be one of the biggest medium density projects in provincial Victoria.
A golf-course based residential redevelopment also follows the tradition of courses at Moonah Links, Cape Schanck and Thirteenth Beach.
Knight Frank director Michael Hede said the new owners plan to upgrade the existing Tom-Doak designed Gunnamatta course, and get started building the second course and hotel, soon.
Mr Hede said the mortgagee in possession’s decision to re-open the course, before listing it for sale earlier this year, was a key ingredient in achieving the price result.
The golf course failed to sell at the start of the economic downturn, in 2008, after shutting about six months earlier.
Earlier this month, BusinessDay reported Asia-based investors are in advanced negotiations to buy Doncaster’s Eastern Golf Course for more than $100 million.
The Eastern is expected to make way for a $1 billion-plus mixed use redevelopment of shops, offices and apartments – possibly with a component of social housing, in keeping with the Federal and State Government’s push to merge public and private housing residents, within new buildings and major master-planned projects.
A major, and soon-to-be-prominent, nine-level public housing complex has recently started construction a little further east of Doncaster, in Ringwood.