Clive Palmer adds distressed golf courses to his Queensland trophy cabinet

Clive Palmer adds distressed golf courses to his Queensland trophy cabinet
Clive Palmer adds distressed golf courses to his Queensland trophy cabinet

?The Robina Woods and The Colonial golf courses on the Gold Coast have been bought by Queensland’s richest man, mining supremo Clive Palmer, for a reported $7 million.

The courses were put on the block in July under instructions from Joseph Hayes and Jamie Harris from McGrathNicol, receivers and managers of Playmore Golf Pty Ltd.

Playmore, a Babcock & Brown syndicate, acquired them in 2002 for $7.8 million from the American Golf Corporation.

The golf courses were marketed on behalf of receivers by Mark Witheriff and Paul Nyholt of CBRE, with McVay Real Estate’s Will and Sam McVay.

The courses attract green fees of about $8 million a year.

Palmer’s acquisition follows his purchase of the Hyatt Regency Coolum on the Sunshine in July of between $40 million and $60 million.

He told the Australian Financial Review at the time he felt Queensland had “enormous tourism potential”.

Robina Woods is an 18-hole, par 71 course on 61 hectares.

The Marsh Waston-designed course opened in 1990 and incorporates a landmark clubhouse with food and beverage facilities and banquet rooms. There are tennis courts and access to a wedding chapel.

The Colonial is an 18-hole, par 72 course on 75 hectares designed by Mitsuaki Kobayashi, which opened in 1992. Built by Nara Australia Pty Ltd, the course opened as Paradise Springs Golf Course. Its facilities include a Queenslander-style clubhouse, pool and spa.

Former Babcock & Brown chief executive Phil Green has been one of the three directors of Playmore since 2002, along with Sydney entrepreneur Danny Goldberg, and Malta-based Eric Lucas.

Playmore Golf was placed in voluntary administration in April this year with debts of $3.86 million.

Another Queensland golf course on the market is the luxury Sea Temple Golf and Country Club in Port Douglas, as well as the adjoining housing estate, put by for sale by the Juniper Development Group.

The development is being sold via an expressions-of-interest campaign led by Paul Nyholt and Wayne Bunz from CBRE closing on October 13.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


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