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Heritage Golf Club - receiver appointed!


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#1 nikestix

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Posted 28 February 2010 - 01:07 AM

Looks as though not all is rosy at The Heritage Country Club. The Age has reported that the the owner of Heritage, Yarra Valley Golf Pty Ltd be appointed a receiver and manager (KPMG). It looks like it all relates to one of the Directors (Mark Letten) of Yarra Valley Golf being involved in property schemes. About 45 companies involved. http://www.theage.co...00226-p9bj.html KPMG have all the details; http://www.kpmg.com/...tten-Group.aspx The Heritage golf course and property development is apparently one of the schemes itself! I'm glad I didn't cough up $40k for a membership as they were on eBay for $25k and now dare I suggest much less. A Member there said the course is in poor condition at the moment and that they have been told it is contaminated water that they cant do anything about.

#2 WasabiPea_Shooter

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Posted 28 February 2010 - 01:50 AM

I played a corporate day there couple of weeks ago, wonderful course, one of my favourites in Melbourne...Id certainly join up if they were tossing out bargain basement $500 12mth memberships
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#3 makadokas

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Posted 28 February 2010 - 05:01 AM

Interesting stuff. After reading those links I now know that the St John's course is named after a seminary which I presume was on the site. The joining fee for heritage has dropped to 13,000 I heard the other day. I played there in a corporate day a couple of weeks back too!

#4 HotPies

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Posted 03 March 2010 - 01:50 AM

anymore news on this Ellimb are you around to update us on this issue ?? Your a member right ?

#5 notenoghtime

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Posted 04 March 2010 - 09:27 AM

Played St John course a couple of weeks ago was in fantastic condition. Not a lot of people around out there as usual.

#6 Golfer239

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Posted 05 March 2010 - 03:44 AM

I think this will be a taste of things to come among the Real Estate based courses in particular. The only way they survive is with developer assistance and those developers are find life tough.

#7 happytoshoot90

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Posted 05 March 2010 - 03:59 AM

Let's hope they let green fee players on recoup some cash...

#8 drgolf

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Posted 05 March 2010 - 04:13 AM

firstly there are 2 courses there. both are in great condition, especially the fairways. greens have been better in but certainly not "poor". as for green-fee players - forget it !

#9 Hawkers2015

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Posted 05 March 2010 - 04:55 AM

drgolf are you dr john?

#10 makadokas

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Posted 05 March 2010 - 09:42 AM

dr coldfingers, I presume.

#11 FarFromPar

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Posted 05 March 2010 - 05:53 PM

i think all golf course residentials are a failure, they rely on everyone that buys realestate to become a member of the club and it just doesn't happen.. the glades only has something like 10% of its residents as club members

#12 happytoshoot90

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Posted 06 March 2010 - 01:54 AM

firstly there are 2 courses there.
both are in great condition, especially the fairways.
greens have been better in but certainly not “poor”.
as for green-fee players – forget it !

Figured as much... oh well, just have to fake interest in membership again next time i want a round there...

#13 ellimb

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Posted 06 March 2010 - 02:25 AM

This is just a 2c opinion. Yarra Valley Golf (amongst others) will be under admin and be assessed as a business. The business will continue until sold or liquidated. This is not because YVG is under receivership due to financial problems but because of breaching the ACT. Basically the receivers will return money to those particular present investors. So, The Heritage will continue unless YarraValleyGolf cannot pay for the operation. Mind you, the subscription is $3700 per annum. (about the same as RM) about 1200 memberships. 4.5 million per annum, (not counting green fees) is it enough to operate 2 golf courses ? I see eventually some company will just take over YVG. EasternGC perhaps or the Chinese ! Sure the members are worried but there is nothing to do but to ride it out. As I point out, the members is the REAL ASSET as it provides for $4.5 million per annum. St. Johns is a good course and I would like an independently review by some one who would play a dozen times before making judgement.

#14 Golfer239

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Posted 06 March 2010 - 04:16 AM

ellimb You assume all members are paying an annual fee which is not the case. Those that own rooms in the Sebel have playing rights and don't pay an annual golf fee. It is to be assessed by the Administrators as to its viability and that will be based on basic fundamentals and the possible ability to restructure. Given the current business market and the inability of so many clubs to make money out of the business of golf the place may very well be worth land value to a redeveloper who may turn either all or part of it back into residential housing?? Also consider that if the business is sold all those who "own" a playing right may find themselves out in the cold with nothing if the assets are sold to another party as the playing right will be with the current owner Yarra Valley Golf Pty Ltd. In other words if you want to play after a possible sale, you may very well have to join the "New" club/company. Will watch with interest.

#15 ellimb

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Posted 06 March 2010 - 08:35 AM

Yes Sebel have 96 rooms less 102 playing rights. Do you know how many secondary members ? easy 100 @ $2500 pa. Green fees $95 includes golf cart. how many games pa. ? Club house food and drinks sale. Land cannot build more residential lots. Members have a contractual right with YVG and AGAIN the members are the main asset to the company who ever owns it.. Think.
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