Controversial golf club stalls
A CONTROVERSIAL resort proposal at Bargara Golf Course has been put on ice after the developers struggled to attract investors to the project.
After months of heated debate, in 2007 the Bargara Golf Club voted to sell the land to CABE to allow for the $60 million redevelopment to house a new clubhouse, conference facilities, shops, restaurants and accommodation.
But CABE general manager Mark Monk has told the NewsMail the project would not be going ahead in the near future.
“The golf club is on hold for six months while we wait for the economy to recover,” Mr Monk said.
“It’s aimed at a mix of owners and investors, and investors have not returned to the market after the financial crisis.”
The project has been plagued by economic woes brought on by the financial meltdown, since it was approved by Bundaberg Regional Council in February this year.
“One of the biggest issues is that with a project of this size and nature, meeting the bank requirements is onerous,” Mr Monk said.
“It’s a $60 million project, and banks won’t fund that size of project in a regional area by themselves, so we have had to go through a consortium of banks.
“However, we are still 100 per cent committed to the project.”
But Mr Monk scotched rumours the company was no longer interested in developments in the Bundaberg area.
He said work was about to start on the $15 million Saltwater luxury apartment complex in See Street, after it achieved record sales prices.
“We’ve sold seven of the 12 apartments, and two of those were record sales of $2.667 million for a penthouse apartment and another for $2.6million,” he said.
He said CABE was seeking tenders for the work, and the project was expected to be under way early in the new year.
Bargara Real Estate sales manager Garry Argent agreed recent sales had reflected a return of confidence and many homebuyers to the market rather than just investors.
“We’re getting good sales for homes around the $400,000 mark, rather than apartments,” Mr Argent said.
“Sales in some complexes have been pretty slow as investors sit back, because of the financial uncertainty.”