Aveo buys out 50ha Newcastle Golf Club for $1.25M from voluntary administrators

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In August, we reported that the Shortland Waters Golf Club in Newcastle had fallen into administration despite the village operator building a 300-unit retirement village plus six new holes and a new Clubhouse on the site.

Under the deal with the administrator, Aveo will lease the Shortland Waters Golf Club back to the members for 20 years for one dollar a year and offer a buyback option if members can find $3.5 million in seven years’ time.

Aveo has also agreed not to begin further residential development on the land while the Club’s lease is in place.

 

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