Another Queensland golf course for sale

Another Queensland golf course for sale
Another Queensland golf course for sale

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The 103-hectare Noosa Springs golf course and masterplanned residential community in Noosa Heads has been listed for sale. 

Developed by the StarCo Group since 1997, the property development business run by the local Starkey family, it has long been considered one of the jewels in the Sunshine Coast property market and one of the most sought-after residential golfing communities. 

Up for sale are the two remaining development sites, a subdivided residential lot along with the 18-hole championship golf course, clubhouse, spa and other facilities that make up the masterplanned development. 

The assets, which are available to be purchased in one line or individually, are being marketed via an international expression-of-interest campaign by Dean Humphries and Ben McGrath from Jones Lang LaSalle. 

The listing of Noosa Springs follows a number of other prominent residential and leisure listings in the troubled Sunshine Coast market. 

These include Austcorp Group’s masterplanned 476-hectare Coomera Waters development on the Gold Coast, which was recently put up for sale with price expectations of between $30 million and $40 million. 

In September the luxury Sea Temple Golf and Country Club in Port Douglas as well as the adjoining housing estate were put up for sale by the Juniper Development Group. 

Also in September, Queensland billionaire and mining supremo Clive Palmer paid about $7 mining for the Robina Woods and The Colonial golf courses on the Gold Coast. 

The larger of the two Noosa Springs development sites measure 4.262 hectares, with full approval for up to 155 apartments and facilities, while the smaller site measures 1.1 hectares with potential for up to 43 apartments.

One of the prized assets is likely to be the 72-par golf course designed by golf course architect Graham Papworth to fit in with the local tropical environment and rated one of the best in Australia.

Other facilities up for sale include the day spa, restaurant, conferencing and function venue, boutique fitness centre and resort accommodation – featuring management rights for 32 apartments – and the Oasis, a residential subdivision with 26 vacant lots.

The gated residential community and resort facility is three kilometres from Hastings Street in Noosa Heads and is due to comprise of 300 homes, extensive sport and leisure facilities, and resort accommodation of up to 240 apartments upon completion.

McGrath says a large number of homes have been completed and sold over the past 15 years. 

“There is now the opportunity for an investor or developer to acquire the last remaining tracts of land and develop a further 198 owner-occupied or investment apartments. These sites are serviced with development approvals in place. There are also 26 residential allotments bordering the golf course that can be purchased in-one-line,” he adds. 

Humphries expects interest from resort-type investors and developers. 

“The ability to complete a 200 key world-class resort with these key facilities already in place is ideal, he says. 

“Noosa Springs currently generates a strong established cash flow and runs a healthy trading surplus from its highly successful golf course, spa and function facilities, allowing for a new investor to benefit from an attractive holding return whilst they sell down or develop the last remaining tracts of land,” he adds. 

According to RP Data, the median house price in Noosa Heads has fallen 16% since 2008 to $647,000 while units are down 24% to $570,000 over the same period. 

A research report put out by PRD Nationwide in July forecast the Sunshine Coast residential market to recover at a slower pace than the Brisbane market with expectations that it would remain flat until at least the end of 2011. 

Expression of interest close on November 16.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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