Buying

Bargain buy? Townsville developer grabs $1.2M golf course for retirement village development

Aug 22 2017 Updated May 3, 2023

The Weekly Source

1 min read

The Mystic Sands golf course and residential subdivision

Local plumber Mick McMahon and his wife Lisa have bought the Mystic Sands golf course and its residential subdivision, 40km north of Townsville, for just $1.2M from administrators, the Townsville Bulletin reports.

The couple now plans to upgrade the course and develop a retirement village for the over 120ha site, which includes a nine-hole golf course and clubhouse, bowling green, tennis court, swimming pool, sewage treatment plant, near new four-bedroom home, 17 developed group title residential blocks and a land subdivision with approval for another 64 lots.

In 1997, the site had been marketed by developers as a $350M master-planned community, but fell into receivership several years ago.

For that price, we’d say it’s a good investment.

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