End of the line for St Andrews Beach

[Tim_Weiman]

Chris,

I very much hope St Andrews Beach can be brought to life again. It was a joy to play, far more so for me than Tom's other two projects in your neck of the woods.

Really look forward to returning to Melbourne and the Mornington Peninsula before too long. Not sure there is a better destination for golf. I just loved it.

[Shane Gurnett]

*Update*

Re-opens this week as a public course (with carts!). Details here:

http://www.standrewsbeachgolf.com.au/

No mention of what happened to the previous members or what future development will proceed. Great to see it open for play once again.

[Mark_F]

*Update*

Re-opens this week as a public course (with carts!). Details here:

http://www.standrewsbeachgolf.com.au/

No mention of what happened to the previous members or what future development will proceed. Great to see it open for play once again.

So finally the idiots in charge of the two main titles have pissed off all the potential purchasers, and with no more charging over the horizon, it becomes a public track (again). 

How undignified.

[Shane Gurnett]

Mark, were the members aware of what was going on of late? Where do they stand as of now?

Shane.

[Mark_F]

Shane,

First I knew was the resurrection of this post.

Where they stand?  Given that the price the mortgage holders want for their two titles vastly exceeds what all four are worth, and that they have managed to piss off a large array of suitors, the place is gone.  The only saving grace is that it won't end up with the National members who have bid for it. 

It will be interesting to see how long it remains open.  There have been numerous times in the previous year or so it was going to be opened for public play, but then a new buyer came sniffing around so the mortgage holders backed off.

The fact it is opening would suggest that there isn't anyone interested in the property.  $70 a round is too steep in this market given the additional time and cost of getting down there.

Coupled with the very severe small greens, and I would bet interest wanes quite quickly.  It won't last past Christmas.

[Scott Warren]

The only saving grace is that it won't end up with the National members who have bid for it.

Why is that a good thing? Isn't it better to have the course open under someone's stewardship than closed for everyone?

I'd rather the Mona Lisa be put in someone's private gallery than run through a shredder...

[Kevin Pallier]

Scott

I think there's a bit of "history" behind those comments 

Glad to see it reopened - from memory aren't some of the rates similar to those before it closed ? The twilight one's are new I believe ?

[Mark_F]

Scott
I think there's a bit of "history" behind those comments 

Not at all, Kevin. There are a small group of National members who want to buy the place and run it as an exclusive club.  We already have two of those in this country, and that is two too many.

And given that some of those members were instrumental in spreading rumours about the viability of the project before construction had even been completed, it would really be taking the piss for them to end up with it. Thankfully, they won't.

I'd rather the Mona Lisa be put in someone's private gallery than run through a shredder...

Even if St Andrew’s Beach never reopens...  It is better that it was built, even if it fails, than for it never to be built.

You NSW people sure are a different breed.

[Mark Chaplin]

Great news re the cart path construction, some courses look far too natural without a ribbon of tarmac.

[Shane Gurnett]

*BUMP*

Auction on May 15. Lets hope it find a good home:

http://www.realcommercial.com.au/commercial-real-estate/5639528

[Mark_F]

Interesting that they are advertising that the land for sale includes the potential Fingal course.

Maybe Mike would know better, but I would have thought that was a goner.

[Mark_F]

In case anyone is interested, here is a screenshot of the titles that comprise St Andrews Beach.

         

Lot 1 is around 30 acres and was sold about this time last year for approx. $1 million. 

It impacts most crucially upon the would-be Fingal on the 6th hole, a short par five over one of the wildest fairways you would ever witness, and the 7th, a very good medium four.

The small lot in the bottom corner right is basically the maintenance facility, the mortgage of which is held by a bank, for which they want approx $500,00, I think.

The two titles up for auction are the main lot, which comprises all of Gunnamatta, and around two-thirds of Fingal, and the second lot alongside it, for which permits for a clubhouse and apartments have been granted, and which also comprises small parts of four holes on Gunnamatta, and two holes of Fingal, as well as the all-important entrance road.

The mortgage holders have been attempting to sell these two main titles since the course closed, but their price has been around one-third more than what numerous parties were willing to pay.

[Brett_Morrissy]

Mark - why did they split up the sale of the titles like that?

We were discussing the other day, if or when the Fingal course would ever get built - we summised a few years down the track once some entities start getting a reasonable dollar out of it. I walked the Fingal before construction began, my memories are that it was very interesting land, and it still looks that way from the Gunnamatta course.

Such a poor result for everyone.

[Ulrich Mayring]

This is weird. If I were interested to buy this, I'd certainly wanted to know the whole price I'd have to pay. Imagine if I bid successfully on the first lot, but someone else gets the second - pathetic.

Ulrich

[Tim Nugent]

Urlich, very true, which may be the motivation.  Not to allow it to be sold in coherent parcels but co-mingle the assets so it forces an interested party to take it all? 
I would have to have a certain outcome that worked.  Not knowing the property and just working of the Master Plan, I would only bid on the parcels that have a majority of the golf holes (built and planned) and the SE parcel w/the maintenance.  I assume there is access to that via an eastern road.  The 2 SE par 3's become a clubhouse site and the conjoined eastern holes become the practice range.  6 & 7 abandoned and a collectiion of the south and eastern plannd holes built to make up the 18.  This would leave several pockets for future RE but that would be held off until the rest of the afflicted property was dealt with.
Once it becomes apparant that the parcels could be spilt, and operate independent of each other, the price accepted may go down.

[Ronald Montesano]

It looks like there are two Lot 2s in the schematic...is that the case or a mistake?

[Matthew Delahunty]

It looks like there are two Lot 2s in the schematic...is that the case or a mistake?

There are two Lot 2s because there are 2 separate plans of subdivision. The larger lot 2 is on the same plan of subdivision as Lot 1 in the top left corner which Mark says has already been sold.

[David_Elvins]

Urlich, very true, which may be the motivation.  Not to allow it to be sold in coherent parcels but co-mingle the assets so it forces an interested party to take it all? 

Tim,

I think it goes back to the different financial management of the various titles. Different mortgages taken out over different titles etc.

[Warwick Loton]

Three of the four lots are up for sale - all but the area marked "Lot 1" in the diagram above.

The three were auctioned as if a single unit, although the buyer would have been obliged to sign separate contracts for each.

The auction was held today. There were no bids. They were calling for bids above Aus$7.5m

[Mark_F]

The auction was held today. There were no bids. They were calling for bids above Aus$7.5m

They are dreaming. They should have taken that price two years ago.

[Andrew Bertram]

A press release will come out this weekend announcing that St Andrews beach has been sold!

In the short term it will remain in the current format with pay for play

[Mark_F]

A press release will come out this weekend announcing that St Andrews beach has been sold!

Any word on who has bought it, Andrew?

And did they manage to secure the parcel of land that was sold last year?

[Andrew Bertram]

The press release has the following, i have heard a couple of names but nothing concrete


 
Nearly two  months  after being passed in at auction the St Andrews Beach Golf Course has been sold  and will have new owners from  September 1.

The major shareholder, an individual who has a passion for golf has teamed up with a Melbourne based accounting firm, a golf course architect and the current golf course operations management group to complete the sale.

[Garland Bayley]

Keiser have his hand in another pie?

[Mark_F]

Keiser have his hand in another pie?

It would want to be a deep-dish pie, Garland...

The press release has the following, i have heard a couple of names but nothing concrete
Nearly two  months  after being passed in at auction the St Andrews Beach Golf Course has been sold  and will have new owners from  September 1.

The major shareholder, an individual who has a passion for golf has teamed up with a Melbourne based accounting firm, a golf course architect and the current golf course operations management group to complete the sale.

Thanks, Andrew.

Hopefully something good - and permanent - comes out of the whole sorry episode.