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Yering Meadows (Croydon GC)


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#61 Vinhol

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Posted 09 April 2015 - 07:09 PM

Wouldn't be worth a quarter of 30mil. Heritage sold for around 15mil just over 12mths ago, which included yet to be developed realestate.
Without the golf course operating the property is worth no more than 3.5mil.


I am not sure what the property is worth but the bank will be full secured at an LVR on a property like that at about 40 or 50% so I would say they would have a valuation of about $8 million at least

#62 Vinhol

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Posted 09 April 2015 - 07:12 PM


ps: the figure owed is more like 12[/quote]

I think not see the document from the club

#63 TBE

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Posted 09 April 2015 - 07:26 PM

I am not sure what the property is worth but the bank will be full secured at an LVR on a property like that at about 40 or 50% so I would say they would have a valuation of about $8 million at least


Only worth $8m if you're open for business.
Without the club functioning (which people are predicting will happen in years to come) then the land and buildings are worth just as much as any other farmland in the area.

#64 Hawkers2015

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Posted 09 April 2015 - 07:35 PM

Walnuts? What were they thinking?

 

Its a bit complicated.  

 

The club sought a 36 hole development originally.  Council said it did not conform to the planning scheme and they either refused the application or gave an indicaton that it would be refused.

 

Rather than fight on, they changed their development to make it comply.with the planning scheme.  By adding an agricultural activity (walnut farm) it now complied with the planning scheme and this made the application much more difficult to refuse.  As it turned out Council still refused the revised application but the club prevailed on appeal to VCAT.

 

I am sure a lot things could have been done differently but its all a bit late now, a sale and leaseback aint going to buy them a lot of time in the scheme of things a 27 hole facility with 600 odd members doesn't have much of future without serious other income streams.

 

It would be better for their members for the club to sell up and close, get members to a club of their choice and distribute  the net proceeds amongst the clubs that take the members..


Edited by Hawkers2013, 09 April 2015 - 07:36 PM.


#65 Hawkers2015

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Posted 10 April 2015 - 06:54 AM

Story in News Ltd press today

 

 

http://www.heraldsun...p-1227297388466 



#66 iRON MiCK

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Posted 10 April 2015 - 09:34 AM

What do you get with nuts on the wall? In Yering nuts on your chin.

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#67 Bogey Golfer

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Posted 11 April 2015 - 07:49 AM

Markets: present and future
Current domestic consumption of in-shell walnuts has risen from 600 t to 800 t a year. Domestic consumption of kernel currently averages about 9,110 t of in-shell, sold through major retail chains and into bakery and confectionery industries. Locally produced walnuts now supply total domestic demand for in-shell walnuts.

 

Global growth in demand for walnuts has been maintained since 2011. World consumption has been increasing at a steady rate of about 4% per year. With greater awareness of the health benefits this rate is expected to be maintained.

 

Yering meadows Nuts might have a brighter prospect in future than golf business.


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#68 Littleman

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Posted 12 April 2015 - 09:24 PM

Markets: present and future[/size]Current domestic consumption of in-shell walnuts has risen from 600 t to 800 t a year. Domestic consumption of kernel currently averages about 9,110 t of in-shell, sold through major retail chains and into bakery and confectionery industries. Locally produced walnuts now supply total domestic demand for in-shell walnuts.
 
Global growth in demand for walnuts has been maintained since 2011. World consumption has been increasing at a steady rate of about 4% per year. With greater awareness of the health benefits this rate is expected to be maintained.
 
Yering meadows Nuts might have a brighter prospect in future than golf business.


Maybe the reason that previous board put there nuts on the chopping block and went that direction!

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#69 jafflemaker

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Posted 17 April 2015 - 08:24 PM

Are they going to sell the walnuts in the clubhouse?
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#70 marcush39

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Posted 19 April 2015 - 09:07 PM

Walnuts? What were they thinking?

It's pretty simple really.  They were never really a realistic income earner.  The main reason was when they purchased the land, it was deemed agricultural.  I believe in order to obtain permits, they had to maintain an "agricultural" environment, hence the walnut farm.  There's tons of other stuff that Croydon did wrong but I don't wan to bore people with those details.  As an ex member, this news does sadden me as there's some really good, genuine people there.  This move was to guarantee their future and this is how it looks it'll end.  I really feel for them.



#71 marcush39

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Posted 19 April 2015 - 09:55 PM

I hope the board that accepted that bogus Australand deal enjoyed their "inducements".  Especially now since it looks like the bigger deal they refused to tender from an ex Carlton premiership player may now finally cost them.



#72 Falc_hoon

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Posted 21 April 2015 - 12:26 AM

Upon arrival at Yering in June 2008 we had 1150 golf playing members. After renewal time
was completed in 2015 this had almost halved to 615. Two key aspects have influenced this 
and will continue to place pressure on membership numbers: 
1. Less and less people are joining or maintaining golf memberships

 

:rolleyes:  That's an in depth hypothesis.....

 

 


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#73 Kiwi

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Posted 21 April 2015 - 07:51 AM

hard to play go

 

I hope the board that accepted that bogus Australand deal enjoyed their "inducements".  Especially now since it looks like the bigger deal they refused to tender from an ex Carlton premiership player may now finally cost them.

like that has kudos....


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#74 dorischamp

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Posted 22 April 2015 - 04:03 PM

Anybody at the Yering Meadows Information night last night ?

Would love to know how the members are feeling about the proposal.

#75 KeyboardWarrior

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Posted 22 April 2015 - 06:27 PM

That is a very serious allegation marcush39. Any more details you care to share?
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