This article is from the Australian Property Journal archive
OVER 50s community developer Halcyon has acquired the Gainsborough Greens Golf Club and adjoining 34ha land parcel in Pimpama on the northern Gold Coast from Mirvac.
Halcyon has entered into a contract to purchase the 18-hole golf course, club and residential development site, totalling about 114ha.
Halcyon has also committed to developing a new and improved golf, function and community centre to replace the aging club house, originally developed in the late 1980s.
The new facility will be located on the western side of the golf course, alongside a proposed 500 home over 50s resort community by Halcyon.
Mirvac acquired the Gainsborough Greens Golf Club as part of its acquisition of the 490ha Gainsborough Greens development site in 2009. The developer has already rolled out about 500 homesites in the community, which will eventually comprise about 2,200 residential lots.
Mirvac’s head of residential John Carfi said Mirvac had always planned to divest the golf course to focus on its core business of developing the surrounding masterplanned community.
“Mirvac is not a golf club operator and we wanted to ensure the long term future of the course by finding the right owner, who could deliver a new and improved offering for our residents and the wider community.
“While we fielded a number of offers for the course, this deal was really a win-win for all involved,” Carfi said.
Halcyon joint managing director Bevan Geissmann said the acquisition of the large-scale residential site and established golf course was a unique opportunity which paved the way for the creation of Halcyon’s biggest community to date.
“The northern Gold Coast’s growth story is still unfolding and we are pleased to have a significant stake in its evolution.
“We spent some time looking for a site with scale in the Brisbane-Gold Coast corridor to meet escalating demand from over 50s in this area.
“The golf element is particularly attractive to our market and played a large part in our decision to establish a Halcyon community at Gainsborough Greens,” Geissmann said.
Australian Property Journal
