The construction of a new clubhouse and 24 apartments will commence at the end of March with a projected completion in April 2013.
The double block up for auction and passed in on 22nd January has now been sold and is in excess of the vendors bid on the day, of $1.2million.
A letter of intent to enter into a contract has been sent to the winning tenderer. The chosen construction company has extensive experience in golf club construction and other sizeable projects. The name of the successful builder will be announced when the formal contract has been executed and after the unsuccessful tenderers have been advised.
The tender finalised is very favourable compared with the budget outlined at the meeting of members on Sunday 30th October.
At that meeting it was stated on one of the slides:
“QS figure for build is usually on conservative side, thus we could have tenders 5% less, which would save $0.6m.
Further savings should emanate from the current aggressive tender market.”
This projection has been exceeded!
A sub-committee is presently finalising negotiations with one of the world’s largest hotel groups to put in place a management agreement. Their analysis of our Business Plan confirmed our projected net profit figures.
A finance agreement with one of the major banks has been completed and is extremely favourable in its terms and conditions.
This has been a long and drawn out process but we are finally in sight of our goal of making Portsea Golf Club secure into the future with an outstanding future revenue source.
If you have any friends contemplating joining our club I would impress upon them to avail themselves of the non joining fee only current until the end of February as this will be the last opportunity.
As all members will appreciate to get to this stage has required copious hours of work from many people, but it would be remiss of me not to mention two members who have been tireless over the last 6 years, and without them this would never have occurred. On behalf of current and past committee and members I would like to take this opportunity to personally thank Michael Power and Keith Coghlan for their dedication.