Kerleys Coastal Director Damian Cayzer auctioned the final two lost of the Lonsdale Golf Club estate on January 15.
The financial future of the Lonsdale Links golf club has been secured following the sale of the final two lots of land in its ambitious course redevelopment project.
The residential blocks were auctioned by Kerleys Coastal Real Estate on Saturday January 15 for $1.24 million and $1.282 million – record prices for the 100-lot Lonsdale Shores estate and a far cry from the $360,000 - $550,000 paid when the first 12 blocks went on sale in Gill Road five years earlier.
Those initial blocks were offered up with sweeteners including free stamp duty and 10-year gold club membership to get them moving in a flat market.
Lonsdale Links President John Christophersen said the final sales provide a huge sigh of relief for the club.
“It was in 2000 that the original concept of the redevelopment was first floated. At that time it was to drought-proof the course that the original concept was contemplated. And then it grew into redevelopment,” he said.
The club faced significant planning hurdles and costs before approvals were finally granted and works began on a re-alignment of the course and construction of a new clubhouse.
“And of course land sales were initially flat but it’s just been a fantastic finish as we all know. For the past 12 months real estate has taken off and it’s come at the right time,” said Mr Christophersen.
“What it’s done for us, and it was always the plan with the whole redevelopment, is to ensure our viability going forward.
“We are now in a position to establish a future fund and that will be in perpetuity, so it won’t be able to be touched but the club will be able to access the earnings from those investments to support any future capital needs they have.
“And we recognise that we’re very fortunate to be in this position because we all know that for member-based clubs, whether it be a golf club, bowls club or football club, it’s never easy running member-based clubs and in these pandemic times, it’s even tougher,” Mr Christophersen said.
The residential blocks were auctioned by Kerleys Coastal Real Estate on Saturday January 15 for $1.24 million and $1.282 million – record prices for the 100-lot Lonsdale Shores estate and a far cry from the $360,000 - $550,000 paid when the first 12 blocks went on sale in Gill Road five years earlier.
Those initial blocks were offered up with sweeteners including free stamp duty and 10-year gold club membership to get them moving in a flat market.
Lonsdale Links President John Christophersen said the final sales provide a huge sigh of relief for the club.
“It was in 2000 that the original concept of the redevelopment was first floated. At that time it was to drought-proof the course that the original concept was contemplated. And then it grew into redevelopment,” he said.
The club faced significant planning hurdles and costs before approvals were finally granted and works began on a re-alignment of the course and construction of a new clubhouse.
“And of course land sales were initially flat but it’s just been a fantastic finish as we all know. For the past 12 months real estate has taken off and it’s come at the right time,” said Mr Christophersen.
“What it’s done for us, and it was always the plan with the whole redevelopment, is to ensure our viability going forward.
“We are now in a position to establish a future fund and that will be in perpetuity, so it won’t be able to be touched but the club will be able to access the earnings from those investments to support any future capital needs they have.
“And we recognise that we’re very fortunate to be in this position because we all know that for member-based clubs, whether it be a golf club, bowls club or football club, it’s never easy running member-based clubs and in these pandemic times, it’s even tougher,” Mr Christophersen said.