The problem I suspect is that option of selling land to developers is no longer really on the table given the **** fight at Kingswood from the local community who are up in arms at the prospect of development despite it being private land. The developers paid $120m for Kingswood on the assumption they could develop it, but I understand the council is refusing to rezone it. Maybe a compromise will be reached, but it will be a much scaled back development which means the real value is probably a fraction of what was paid for Kingswood, especially in a soft market. Kingswood was worth $120m for housing, but as parkland for the local dogs to **** in, it might be worth $10m if that.
So the notion that these clubs are sitting on a land value gold mine is probably a myth - as the gold mine land value is based upon it being used for housing, which it seems will now not be allowed. The new reality seriously changes the options that are available to these clubs.
Given the long common boundary, merging into a 36 hole facility might work, but there is the issue of these two huge gleaming new clubhouses, one of which is stuck up in a corner. They would only need one, so the other would have to become a bingo parlour or high class brothel.