Glades Golf Course on the market

TAIWANESE-born developer Edwin Yu is set to cut ties with The Glades Golf Course in Robina.

Mr Yu, who paid $17 million for the course in 2003, has placed the facility on the market and property insiders have tipped that it could realise offers in the region of $20 million.

They say high-net worth mainland Chinese and hotel groups are expected to battle for ownership of the Greg Norman-designed, blue-chip course.

The facility is for sale in an expressions of interest campaign being handled by Tony Bargwanna and Sean Dollar, of Ray White Hotels, and Greg Bell and Adam Young, of Ray White Commercial Gold Coast.

The move to sell comes as Mr Yu cuts back on his Australian assets to concentrate on a range of ventures he is spearheading in China's booming markets.

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It is also understood that Mr Yu is spending less time in Australia.

Mr Dollar confirmed that the marketing agents expected the course to attract significant interest from mainland China. "Large parcels of land like that on the Gold Coast just don't come up, full stop," he said.

He said Robina also lacked large-scale accommodation facilities so there was a chance hotel groups would see the course as a development option.

"The Glades is renowned as being one of the most challenging courses on the Gold Coast so there is the opportunity to put some large-scale accommodation there and, pending council approval, attack that Asian golfing market."

The offering includes The Glades 18-hole golf course, ranked among the top 50 resort-style courses in Australia, practice facilities with golf driving range, a recreation centre including gymnasium, a pair of tennis courts and two beach-volleyball courts.

Also included in the package are a swimming pool and the Glades Club House and pro shop, the licensed Boardwalk Restaurant, and function and conference rooms.

The course became the focus of controversy when Mr Yu and developer John Fish proposed using it in a land-swap deal with members of the Surfers Paradise Golf Club.

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For more details on Glades see the website.

Source: http://www.goldcoast.com.au/article/2012/07/05/429385_gold-coast-business.html

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