$3.3m retirement living project proposed for golf club

TOOWOOMBA Golf Club will vote on an offer to build 75 retirement apartments in three buildings worth $3.3 million.

The special meeting tonight will determine whether the proposal by Aura Holdings goes ahead, including building on part of the ninth green, and relocating goods sheds on the Middle Ridge course.

A letter sent to Toowoomba Golf Club members last month detailed the long-term offer worth $3.3 million.

A $1.21m up-front lease payment would be paid to the club "upon receipt of development approval from Toowoomba Regional Council" for the 75 apartment development expected by February next year.

A further $1.65m would be paid on practical completion of the apartments by May 31, 2019, and ground rent fees of $88,000 annually "at each anniversary of the practical completion of the three buildings delivering 75 apartments".

"The proposed development is for 75 independent living apartments in three buildings in a three storey development over a basement carpark," Aura Holdings director Mark Taylor said in the letter to club members.

"To accommodate the proposed retirement village development the current overflow car park and buggy sheds are proposed to be relocated to between the tenth and eleventh holes.

"This will allow the club to retain the existing car park numbers and buggy sheds as it now enjoys.

"The buggy sheds would be installed as new as the view is the current sheds would not survive a relocation.

"Costs related to additional path ways and driveways are costs of the development."

The offer was first put to the club and its members in June, followed up the next month.

The motion will ask members if they "agree to accept" the offer which is conditional on council approval.

"For clarity, all costs of relocated car park, buggy sheds, ground works are a cost to the development," the letter said.

"Within the current design the ninth hole is being shortened to accommodate the retirement village development.

"We would intend the club to design and carry out those works.

"These costs will be funded by the development.

"We have allowed a provisional cost of $200,000 inclusive of GST to complete these works. Any savings made under this provisional sum are entirely in the club's favour."

The term of the lease is set for 99 years, and the provision for the club to provide Aura Holdings with "a space within the existing club facilities in which to conduct sales and marketing activities" is included in the proposal letter.

Aura Holdings said the offer was conditional on legal due diligence, agreement on the offer structure, obtaining town planning approvals, and the company's board approval.

Topics:  middle ridge golf club retirement income toowoomba

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