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Eastern Golf Club on the move?


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#1 Uncle_Leo

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Posted 06 November 2006 - 06:11 PM

Have heard a whisper that Eastern GC in Doncaster, Melbourne may be about to pull up stumps and move to another (existing) venue?

Does anyone know about this?



#2 Player

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Posted 06 November 2006 - 07:39 PM

The mail I have is that subject to members accepting, the Eastern Golf Club will re-locate to Kingston Links, which they have offered 20-30+ million for. The land at EGC is to be sold off as housing. My source is reliable and a member.

Makes you wonder how many suburban clubs go through these issues...



#3 elizabeth

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Posted 06 November 2006 - 07:41 PM

Why would a member accept that? Members get attached - I'd be surprised if it went through.



#4 Uncle_Leo

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Posted 06 November 2006 - 07:45 PM

QUOTE: Player @ Nov 6 2006, 09:39 AM


The mail I have is that subject to members accepting, the Eastern Golf Club will re-locate to Kingston Links, which they have offered 20-30+ million for. The land at EGC is to be sold off as housing. My source is reliable and a member.

Makes you wonder how many suburban clubs go through these issues...

I understand the price for KL is $45m - which is interesting considering it sold a few years ago for about $15m. The land at Eastern is about one third zoned for residential so it would be extremely valuable. I havent played there for about 20 years - is it any good?



#5 Player

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Posted 06 November 2006 - 07:53 PM

QUOTE: Elizabeth @ Nov 6 2006, 09:41 AM


Why would a member accept that? Members get attached - I'd be surprised if it went through.

The EGC land is worth approx $90M. The club needs at least 75% member support and their are three compelling plusses:

1/ Once Eastlink is up, travel times aren't anywhere as bad as now and
2/ Members get half price memberships subs for 3 years...
3/ A much better golf course



#6 elizabeth

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Posted 06 November 2006 - 08:31 PM

I've played them both and would say they are of a similar standard. Eastern has some nice holes.



#7 Uncle_Leo

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Posted 06 November 2006 - 09:30 PM

QUOTE: Player @ Nov 6 2006, 09:53 AM


The EGC land is worth approx $90M. The club needs at least 75% member support and their are three compelling plusses:

1/ Once Eastlink is up, travel times aren't anywhere as bad as now and
2/ Members get half price memberships subs for 3 years...
3/ A much better golf course


Player,

Is there an idenitified buyer for EGC or is the $90m an estimate or perhaps they have an independant valuation?

Do they need the support of 75% of the membership, or 75% of those who vote on the proposal?



#8 undies

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Posted 06 November 2006 - 09:41 PM

Heard this has already gone through.



#9 Uncle_Leo

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Posted 06 November 2006 - 09:43 PM

QUOTE: understudy @ Nov 6 2006, 11:41 AM


Heard this has already gone through.

no it hasnt



#10 Tinsworth

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Posted 06 November 2006 - 09:50 PM

QUOTE: Player @ Nov 6 2006, 09:39 AM


The mail I have is that subject to members accepting, the Eastern Golf Club will re-locate to Kingston Links, which they have offered 20-30+ million for. The land at EGC is to be sold off as housing. My source is reliable and a member.

Makes you wonder how many suburban clubs go through these issues...

Who knows - If Eastern sniff around hard enough they may only have to part with about 5.5 million cash for a reasonable track in pretty good nick.

wink.gif



#11 ttitheridge

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Posted 07 November 2006 - 04:45 PM

QUOTE: Elizabeth @ Nov 6 2006, 10:31 AM


I've played them both and would say they are of a similar standard. Eastern has some nice holes.

The move would give existing Eastern members a hugely significantly better course to play than the one they are on at the moment. For me, Eastern doesn't come within a bull's roar. Not to mention turf health issues that that course will never be able to solve. Of a composite course made up of the two, I can only think of 3-4 Eastern holes at most to include. Eastern unlike a number of other metro clubs is in a large population catchment area of few other alternatives anywhere near close by. And yet with all that, competitive membership prices (including super low prices and incentives to join during the 90s) and public access as well, they still can't get enough members nor find visitors to play on it. Which indicates that the people of the eastern suburbs (rightly or wrongly) don't seem to agree with you on course quality.

If a club in a solid demographic area has no others close by, and couldn't get people to become 6 day members a few years ago for $550 a year (moving to 7 days for well under $1k soon after), then that pretty much says it all.

Its NLE status would be no loss.



#12 MatthewM

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Posted 14 November 2006 - 10:32 AM

The Eastern members will pocket enough to make a run at a course far superior to Kingston Links. They should look at buying St. Andrews Beach. If they want a course closer to town, they could buy Capital. Or do a deal for cash and a property swap.

MM



#13 boonie

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Posted 14 November 2006 - 06:36 PM

QUOTE: MatthewM @ Nov 14 2006, 12:32 AM


The Eastern members will pocket enough to make a run at a course far superior to Kingston Links. They should look at buying St. Andrews Beach. If they want a course closer to town, they could buy Capital. Or do a deal for cash and a property swap.

MM

In their recommendation, a takeover of an existing course must be within 20 minutes of the existing site. They consider this achievable at Kingston Links once EastLink is up and running.



#14 Uncle_Leo

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Posted 14 November 2006 - 06:47 PM

QUOTE: Boonie @ Nov 14 2006, 08:36 AM


In their recommendation, a takeover of an existing course must be within 20 minutes of the existing site. They consider this achievable at Kingston Links once EastLink is up and running.

Doesn't give them many options does it Boonie.



#15 beancounter

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Posted 14 November 2006 - 07:03 PM

QUOTE: Jack @ Nov 14 2006, 08:47 AM


Doesn't give them many options does it Boonie.

Morack? biggrin.gif






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