One of Tamworth’s landmark attractions comprising a range of golfing activities with Freehold Going Concern Tenure is set to hit the market.
One of Tamworth’s landmark attractions comprising a range of golfing activities for all age groups with Freehold Going Concern Tenure is set to hit the market in one of NSW’s largest regional centres, through Savills Australia on behalf of Dromahair Pty Ltd, with a price guide of circa $11 million.
Located on the door step of Tamworth’s Regional Entertainment Centre and Tamworth Sporting Precinct; The Longyard Golf Course, on Greg Norman Drive in Hillvue comprises a total land area of 66.31 hectares and includes an 18 hole Greg Norman/Bob Harrison-designed Golf Course (top 10 public access courses NSW), Pro Shop & Golf driving range; Thorny’s Putt-Putt comprising two x 18 hole courses and children’s fully fenced play area; Golf club house; conference room; manager’s residence; and the Windmill Tavern (with approval for 20 gaming machines).
There are also two substantial development sites of circa 8 hectares each with one site already contracted to a developer to build a 115 Villa retirement village. Payment will be in stages totalling AU$4 million and the golf course owner will retain 16 percent profit share of the retirement village; and the other site is suited to additional accommodation uses.
The second site is suited for the development of approximately 60 villa/townhouse sites (STCA) depending on design and appetite for minor course amendments. This land surrounds three townhouses that are included in the sale and comprise 2 x 4 bedroom, 3 bathroom townhouses and a 1 x 2 bedroom, 1 bathroom townhouse. Two of the townhouses are currently rented for a combined rental of $1,100 per week. There is scope to rent the last townhouse for approximately $300 per week. Town planners and architects have been engaged to provide concepts for two different villa designs on the land.
According to Nic Simarro, Savills Hotels Senior Sales Executive, this mixed use site presents an exciting opportunity to purchase a development opportunity with a holding income generated from a strong trading golf course and tavern.
“An investor/developer has an opportunity to capitalise on additional profit streams from subdivision and development of two x 8 hectare (minimum) parcels of land, with additional potential for on-course guest accommodation,” he said.
The Longyard Golf Couse is for sale through Savills via an Expressions of Interest campaign closing 4pm Friday 29 September 2017.