Course Development
MYSTIC SANDS GOLF COURSE AND DEVELOPMENT LAND SELLS FOR $ 1.2M
The Mystic Sands golf course and residential subdivision 40km north of Townsville has a new owner who is rejuvenating the course and planning to develop a retirement village .
Plumber Mick McMahon and his wife Lisa , who live at Balgal Beach , have acquired the holdings for just $ 1.2 million after it has languished under the control of administrators .
The property comprises more than 120ha of prime land near the seafront including a nine-hole golf course and clubhouse , bowling green , tennis court , swimming pool , sewage treatment plant , near new fourbedroom home , 17 developed group title residential blocks and a land subdivision with approval for another 64 lots .
A decade ago Gold Coast developers had promoted the area as a potential $ 350 million masterplanned community but the new owners say they are positioning the project as a family destination more in keeping with the small population in the area .
Mr McMahon admitted they had bought the site at a “ pretty good ” price but added that a lot of money needed to be spent developing the site and that holding costs ran to several hundred thousand dollars a year .
“ It ’ s got some humps and bumps with it ,” Mr McMahon said . “ To get it really going to where we are going to be , it ’ s going to take a bit of money .”
The McMahons have employed eight people at the golf course and are working to restore the course , develop a driving range and reopen its pro shop .
“ We are trying to bring the course back up to its former glory . It was run down being in receivership for several years ,” Mr McMahon said .
“ There ’ s a lot of rebuilding of bunkers , the driving range is under construction and we have bought new golf carts .”
Mr McMahon said people were already buying some of the developed blocks and revenue from sales would help fund further clubhouse improvements .
Golf Industry Central I Spring 2017 33