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Heritage Golf Club - receiver appointed!


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#121 rapidcat

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Posted 30 October 2010 - 02:55 AM

Have they purchased the hotel and helath spa side of things or the whole shhoting match out there.

I am not sure, however seeing what the RACV has done at place like Royal Pines, Cape Shanck and Inverloch, and considering that the court favoured a 'total' sale, I would expect that the lot was purchased (certain assets are on separate titles).

#122 ellimb

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Posted 31 October 2010 - 10:35 PM

Rapidcat, that was just a rumour that was mentioned by that radio station, right? Just rumour. RACV bought Royal Pines for $60 mill and includes the hotel. Torquay Golf Club is the latest acquisition by RACV. Plan to build hotel there too. RACV probably would not buy because the hotel rooms are owned by 102 diff owners. And it is not the RACV business model. Furthermore, the room owners have the first right of refusal for the hotel facilities. Unless RACV can buy the golf courses and build a new hotel on the buildable part of the land or buy out the room owners, they will not be interested. My gut feeling is still MIRVAC. And Mirvac can also use this to buy Eastern G C down the track. If I'm CEO of Mirvac, that's what I'll do. This is just my uneducated/uninformed guess and not that I'm privy to any of the interested parties.

#123 rapidcat

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Posted 02 November 2010 - 09:29 AM

You are correct ellimb, this was radio rumour. RACV could easily buy the HGCC assets and build their own hotel...or use the possibility of such to strike a deal with Mirvac for the hotel (so the 102 room owners are beholden to RACV not Mirvac). My info is that Mirvac didn't progress past the initial phase. The only thing that doesn't fit for an RACV purchase is the Healesville property already insitu, but it could be as simple as an opportunistic purchase which would allow them to restructure their assets: 1. Relegate Healesville from Club to Resort status (RACV members know what this means). 2. Heritage becomes the new country Club property. Like City gym access, any Club member that wants Heritage 'membership' pays an annual premium akin to annual golf subs. Would be an interesting move that could appeal to modern, more casual golf usage trends. Not good for the continuation of the Heritage as a separate golf entity though, although the RACV would have the ability to cut a deal with all parties eg existing Heritage members get some value, ie X years of RACV Club + Heritage membership. Of course, in line with the RAVC's egalitarian principles, it may plan to purchase and just turn it into general Resort access for it's members (2 million in total incl 23,000 Club members). If it is RACV as the purchaser, whilst that is good to continue the Heritage as a golf facility it will be the end of it as an exclusive, private club I think.

#124 davkat

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Posted 11 November 2010 - 08:01 PM

if I was RACV I'd buy it in a flash. Use 1 course for the members (as per current agreement ) and the other for corporate days + RACV members i.e. not much different from what is currently happening

#125 slamothofr

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Posted 29 November 2010 - 10:49 PM

Was talking to a member yesterday and was told that a buyer might be announced soon. He believes it is down to 2 very genuine buyers but does not know who they are!

#126 rapidcat

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Posted 06 December 2010 - 11:43 PM

I've now heard that the purchase has been completed and that the members will be very happy with the outcome as the purchaser intends to run it as a members facility respecting the original member's entitlements. The Committee of Members has yet to be formally informed however, next step will be that and comment back to the judge, if all ok then she will sign off on the sale.

#127 _anon_

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Posted 06 December 2010 - 11:59 PM

is RACV the buyer?

#128 rapidcat

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Posted 07 December 2010 - 12:51 AM

The current talk is that the buyer is a Malaysian businessman who is already a Heritage member and is the brother of the major shareholder of the consortium that bought St.Andrews Beach.

#129 Kiwi

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Posted 07 December 2010 - 04:12 AM

The current talk is that the buyer is a Malaysian businessman who is already a Heritage member and is the brother of the major shareholder of the consortium that bought St.Andrews Beach.

thatd be elimb yeah?

#130 ellimb

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Posted 07 December 2010 - 04:32 AM

I wish ! The major share hld of St.AB is from China and not related to this Malaysian guy. You guys must have seen his pic in the Vic. golf mag. about 2 months ago with Perrit ! My money is still on Mirvac. I played golf with the main owner of St.AB b4 but not lately as he does not wager in golf !! his hcp is around 30 I think. I like to wager to keep my concentration and interest otherwise my hcp will sky rocket. If I'm such a person (buying Heritage) I'll give a couple of you guys a free membership but pay subs. Hell I'll give a doz. since the subs is at $3700.00 pa. lol

#131 Kransky

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Posted 07 December 2010 - 05:17 AM

http://hgcff.blogspot.com/ The fighting funds are disappearing fast...

#132 Shanks4ever

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Posted 07 December 2010 - 06:00 AM

Would seem like a lawyers picnic.

#133 KitFisto

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Posted 07 December 2010 - 09:03 AM

I’ve now heard that the purchase has been completed and that the members will be very happy with the outcome as the purchaser intends to run it as a members facility respecting the original member’s entitlements.

So the existing members will have a worthless transferable membership but will be able to keep playing there as long as they keep paying the $3700 annual subs. Not sure "very happy" is the right phrase. How many regular golfers were there amongst the membership? And interestingly a mate of mine recently played the Henley course and told me it was an awful course. There has certainly been very little chatter about it since it opened. Does anyone like it?

#134 golf4meandbirdie

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Posted 07 December 2010 - 07:43 PM

I wish !

The major share hld of St.AB is from China and not related to this Malaysian guy. You guys must have seen his pic in the Vic. golf mag. about 2 months ago with Perrit ! My money is still on Mirvac. I played golf with the main owner of St.AB b4 but not lately as he does not wager in golf !! his hcp is around 30 I think.

I like to wager to keep my concentration and interest otherwise my hcp will sky rocket.

If I’m such a person (buying Heritage) I’ll give a couple of you guys a free membership but pay subs. Hell I’ll give a doz. since the subs is at $3700.00 pa. lol

ellimb

an interesting move at St A with new $2K annual playing rights - as the rest of the golf club world is surviving with innovative recruitment offers, reduced membership costs and in many cases removal of joining fees as a result of operating under GFC, declining membership numbers, aging (dying!) demographics, Gen X/Y members with cost effective expectations etc and it's not like St A hasn't a history of membership loss in its previous life. I know a few potential members who are a little nervous but would wade in if it were cheaper. I'm interested to see how their numbers are going as it's a great course.

#135 davkat

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Posted 07 December 2010 - 08:42 PM

I wish !

The major share hld of St.AB is from China and not related to this Malaysian guy. You guys must have seen his pic in the Vic. golf mag. about 2 months ago with Perrit ! My money is still on Mirvac. I played golf with the main owner of St.AB b4 but not lately as he does not wager in golf !! his hcp is around 30 I think.

I like to wager to keep my concentration and interest otherwise my hcp will sky rocket.

If I’m such a person (buying Heritage) I’ll give a couple of you guys a free membership but pay subs. Hell I’ll give a doz. since the subs is at $3700.00 pa. lol

ellimb

I don't think the ROI fits Mirvacs profile. Malaysian/Chinese "look at me, I own a golf course" profile sounds much more likely




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