Greg Norman-designed golf course sold to over-50s developer
FUTURE residents may not share his golfing virtuosity but they will be around the Great White Shark's vintage.
The latest slice of coastal Queensland to change hands amid the upswing in over 50s residential development is a prized Greg Norman-designed championship golf course with a prime tract of undeveloped land.
Pelican Waters Golf Course, together with an adjoining 20ha development site, has been snapped up by big-hitting manufactured home park developer, Palm Lake Resort.
It is understood the holding - totalling 160ha, including the par 72, 18-hole championship golf course - near Caloundra was acquired for almost $15 million.
Pelican Waters Golf Course consistently ranks well up the field in Australia's top 100 courses.
Its renowned fairways and greens have played host to numerous visiting golfing and other sporting identities over the years.
The 18-hole, par 72 championship golf course will continue to operate under the existing management and the Queensland-based Palm Lake Group plans to establish its third Sunshine Coast over 50s lifestyle community on the undeveloped parcel.
CBRE's Rem Rafter and Brendan Robins brokered the deal after fielding more than 60 inquiries during the expression of interest campaign.
Mr Rafter said a total of 10 offers were put on the negotiating table, the majority from manufactured home park developers.
"Seven of them were from manufactured home park developers and three of them were land subdividers," he said.
"These 10ha and 20ha sites along the coast from Coolangatta to Noosa are fairly scarce but the consumer demand for the over 50s end product is very strong.
"So what we're seeing is these manufactured home park developers really going head-to-head.
"They're looking at every opportunity very aggressively and increasingly outbidding the traditional land subdividers."
Palm Lake Resort chief executive Manuel Lang said plans already had been lodged for the 20ha development site fronting the golf course
"Our plan involves an over 50s community and we're looking for development approval for somewhere between 250 and 300 homes and also possibly a residential aged care facility adjacent or incorporated into that," he said.
Mr Lang said the location was well-suited to the popular over 50s resort living concept.
"Its proximity to the ocean and the fact that its on a beautiful golf course was a major drawcard with our communities promoting active and healthy lifestyles," he said.
He said part of its proposal is for a full redevelopment and expansion of the Pelican Waters Golf Club clubhouse to include a community recreation facility.
CBRE's Brendan Robins said Palm Lake Resort was one of the most up-market developers in the manufactured home park sector.
"People really seem to like the concept and there's probably 10 to 12 active manufactured home park developers in the market at the moment," he said.
Pelican Waters Golf Course was developed by Greg Norman's Medallist Golf Developments together with the Henzell family.
It opened in 2000 and was acquired four years later by one of the Shark's most ardent fans, Gold Coast-based developer, the later Eddie Kornhauser, through his HSP Property Group in partnership with Titanium Developments.
The property - held for 14 years by the Kornhauser family - was put on the market earlier this year with a development approval in place for 214 residential lots and about 260 new residences for its 20ha undeveloped "Lakes Edge" precinct.
Council rezoning of the land and approval of the development, to be delivered in four stages, was met with opposition from local residents - including owners of existing homes overlooking the golf course.