Posted 07 March 2010 - 03:33 AM
The flood plain issue may very well limit what can be done in the future and is quite a valid comment.
I seriously doubt that planning issues will ultimately stop redevelopment if a determined, deep pocketed developer really has other ideas.
ellimb its easy to see you are pretty wound up about this situation and I guess you are a member, so its quite understandable that you are concerned about your investment.
I don't for an instance wish misfortune on the members of any golf club let alone Heritage.
I simply offer a different perspective based on the reality of the golf business and the finances involved today, you can take it or leave it.
ellimb happy to list the two courses to support my comments.
The Sanctuary Lakes and Sandhurst operations turn over substantial amounts of money in there respective operations and both are losing millions.
Without developer support they are gone.
Hell even Sunshine GC whilst not a real estate course turned over $2.233 Million dollars and did a wonderful job of losing $644,096-
Do you think a course that does twice this figure $4.5 Million(using your assumptions) can't lose money??
My comments about the Sebel playing rights are offered as nothing more than a perspective that the guesses you listed are not as clean as they appear.
Thats why I asked what does the Annual Report say and more so the Balance sheet.
The comment about all golf membership devaluing is I assume directed at again the real estate based courses who sold memberships at massive prices and those who bought them have now watched there value diminish in some cases like St Andrews Beach to nothing?
As I say I watch with interest.