Magazine - The Cut For Sale

By Editor in Golf on 22nd Jun 2009 12:00

The Cut golf complex, south of Mandurah, is up for sale by tender. The course is currently rated by Golf Digest Australia as the best in WA and Number 16 in Australia.

The term of the current mortgage has expired and has triggered the need for a sale, although alternative means of repaying creditors are also under consideration. The mortgagee is owed approximately $3.6m whereas the course was originally purchased some four years ago for a consolidated price of over $10m.

During its tenure, the owner Vive Holdings Ltd, has overseen extensions to the clubhouse, extensions to the liquor licence, the recent appointment of the international Troon Golf management group as full-time consultants and the contracting of a number of tournaments including the high-profile WA PGA.

Vive has also greatly increased the course’s exposure in South East Asia. Apart from shareholders and secured creditors, there are a number of unsecured creditors to be settled from the proceeds of the sale.

Largest shareholder and creditor Michael Kelly said “Any new owner will have purchased a truly iconic golf club at a very opportunistic time."

Source & More: www.news.com.au

Read more articles in Golf, by Editor or from June 2009.