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Heritage Golf Club - receiver appointed!


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#31 dle19706

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Posted 10 March 2010 - 02:08 AM

you are correct ,us current members are way down the list for payment,we have no right of payment at all we have no chance of one penny coming back to us ,even though we put in approx. $45. million

#32 nikestix

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Posted 12 March 2010 - 10:10 PM

you are correct ,us current members are way down the list for payment,we have no right of payment at all

we have no chance of one penny coming back to us ,even though we put in approx. $45. million

Apparently there was a meeting last night with Heritage Members and the receivers, anyone attend?

#33 luvsgolf

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Posted 16 March 2010 - 10:23 PM

This is not the first time that ASIC have been involved with the Heritage development. While it was being built ASIC shut them down for a while. I think that you will find out that this is more than a technical breach of the Act.

#34 Domi

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Posted 19 March 2010 - 09:27 PM

ellimb in relation to your comments: "I see eventually some company will just take over YVG. EasternGC" The Eastern taking over would be the perfect fit, how many company's have 40 mil lying around and are looking for a golf course. It would make perfect sense. However I get the feeling that sense has nothing to do with it.

#35 ShoeIn

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Posted 19 March 2010 - 10:57 PM

“I see eventually some company will just take over YVG. EasternGC” Wishfull thinking. My understanding is that Eastern GC have already secured options on a massive piece of land (old equestrian centre - so I was told) very close to the new Croydon GC. I believe its nearly double the size of Croydon GC's land. Eastern GC will be building a 27 hole Greg Norman designed course, a 9 hole par three course and massive practice facilities. I think Eastern GC are too far down the track to be jumping ship and taking over the Heritage. I know if I was a member I would prefer to forge a new identity at a completely new course rather than taking over an existing club. I just hope Eastern GC and the course designers dont make the mistake Croydon made of putting the courses into play to early before everything has takened. If Norman can produce the course in the same opening condition that National Moonah opened in then the members will be extremely happy.

#36 Domi

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Posted 20 March 2010 - 01:07 AM

Disagree with you Shoeln. Your are correct in the fact that Eastern have secured the Yering land on Victoria Road and would lose money getting out of that and the Greg Norman contract but the positives would far outweigh the negatives for the Membership. 1. 36 holes (not 27), ready to play, could move there tommorow, no long wait on the drought sticken current course. 2. The course in Yering could take a while to 'settle in' even when it opens which isnt ideal at all. 3. Heritage is closer to the Eastern's current membership base, probably 10 mins each way saving 20 mins every time they go to the course. I suspect the c'tee will be to emotionally attached to building the new place. Smart operators would see a new opportunity and take it with both hands

#37 Golfer239

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Posted 20 March 2010 - 02:25 AM

"Smart operators would see a new opportunity and take it with both hands" Domi you assume that someone will be interested in buying a golf operation that may in any respect not be viable. How much is it worth if it makes no money?? Possibly as much as the land is worth to re sell for possible housing!! Why would anyone want to invest $X Millions dollars in a business that won't provide a return on your money. Hmmmm!! Lets say I was able to raise the money and pay only $20 Million for the course's etc at current interest rates of say 7% means I need to return $1.4 million just to cover the interest cost, it ain't gunna happen. St Andrews Beach is a perfect example of a dead duck golf operation. Sorry to say given the cost and difficulty of funding today, the course is worth nothing as a golf operation.

#38 ShoeIn

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Posted 20 March 2010 - 02:40 AM

'Smart operators would see a new opportunity and take it with both hands' I agree. I guess the critical question is when do Eastern GC have to commit to their correct plan to have it completed on time. My understanding is that administrators have been appointed to investigate all of Mr. Letten's business' which include the Heritage GC. Until a full audit has been completed we can only speculate as to what they might find.( it doesnt sound too promising). If the Heritage was to become available they would be mad not too look at it, but time is one factor and as you stated so is the members attachment/expectations surrounding the existing Yering site.

#39 Domi

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Posted 20 March 2010 - 02:51 AM

Shoeln, I think we are on the same page... Golfer 239, I think you are not aware of what we are talking about. The Eastern wouldent be paying any interest mate, they have the cash, a heap of it. Also there would be a return on the money as they could take their existing membership base, as they would be doing to yering. If they could get the Heritage for that 20 mil you talk of they would be laughing, I think the price may be double that, but as you said who wants to buy a 'dead duck golf operation' so the Eastern, with cash could very well produce a favourable deal.

#40 Golfer239

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Posted 20 March 2010 - 04:17 AM

You assume there members may be interested in a real estate based course as opposed to one that has a much better aspect and vista such as the the Yarra valley site. You also assume that they may be able to or for that matter even want to untangle the web of housing and hotel developments that are tied to the Heritage operation. They may very well be better off doing what they are doing and take complete and unrestricted control of building a facility that suits them just like Croydon did with the Yearing Meadows course. Will watch with interest.

#41 Pherst

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Posted 20 March 2010 - 06:15 AM

Eastern won't touch it with a barge pole.

#42 Takeitasread

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Posted 30 March 2010 - 05:49 AM

So any more news on what is happening at Heritage?

#43 ellimb

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Posted 30 March 2010 - 07:11 AM

Only after 12 April. YVG is returning just below $1 mill p.a.

#44 ShoeIn

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Posted 30 March 2010 - 08:31 AM

Ellimb, Sorry Im not sure what you mean by your last post i..e "Only after 12 April"? What is that referring too? is there a meeting on 12th? YVG turnover of $1mil p.a ? not profit? Even though im not a big fan of the Heritage courses I still hope everything works out well for the members as golf would be the biggest looser if the Heritage was to fold and become a paddock for cattle to graze on.

#45 Domi

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Posted 30 March 2010 - 09:46 PM

It would be a bit of a travesty if that happened. Still has me buggered as to why the Eastern woulden't entertain the prospect. As any engineer would tell you, building a golf course or anything on that scale is very problematic, every little thing that goes wrong can cost you an extra million. It can blow out the budget very quickly. Why you wouldent go for something that is no risk (it's already built) is beyond me.




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