17 Aug 2017

 

The local Townsville Bulletin newspaper has this week reported that a local plumber and his wife have purchased the 9-hole Mystic Sands golf course north of Townsville for $1.2 million. The purchase includes development land approved for a residential subdivision, as well as club amenities such as the bowling green, swimming pool, tennis courts and treatment plant.

According to the article, Mick and Lisa McMahon are planning to invest in the golf course, and to improve conditioning that deteriorated during the several year period the property was in receivership.

From the Townsville Bulletin:

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 four-bedroom 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.

“Down the track we are looking at a retirement village concept for the undeveloped land,” Mr McMahon said.

Balgal resident Jennifer-Lee Sinclair, a valuer and project manager with Townsville property firm Opteon, said it was great to see local people take charge of the asset.

“The Mystic Sands golf club was run by administrators for a substantial period of time with skeleton staff and few services,” Ms Sinclair said.

“As a Balgal Beach local myself, I was very pleased to hear that the purchaser was a local resident who would own and run the golf course and club facilities rather than lease the premises to another party.”

Ms Sinclair said she had visited the club and was impressed with how it is operating.

“At $1.2 million, I think it was a good buy,” she said.

Knight Frank Townsville marketed the site earlier this year attracting more than 20 inquiries from around ­Australia.

 

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