https://www.theherald.com.au/story/...er-aveo-buys-struggling-golf-course-for-125m/
The attached article shows Aveo to be astute developers, but maybe not brilliant PR form in winning over a community.
In short they have bought Shortland Waters Golf course (Newcastle) for $1.25m when its true value is probably closer to $6m. The have leased it to the golf club for $1 a year for 20 years with the club having the right to buy it back for $3.5m within 7 years.
It does secure the major attraction of nearby Shortland Retirement Village which AOG owns, but have they got the community onside?
The future of golf courses the world over is somewhat murky and must represent attractive targets for the retirement accommodation industry.
Add to My Watchlist
What is My Watchlist?