The Club has signed a preliminary agreement with Principle Living, a joint venture between the McCloy and Stevens Groups – two of the Hunter region’s biggest property players with five villages in the pipeline – for a development in Fern Bay (17 kilometres north of the Newcastle CBD).
The project is set to include 64 units across two four-storey towers, as well as 80 houses and villas overlooking the golf course.
Principle Living also has an addition four villages in the pipeline for the Hunter Region, each with expected release dates in either 2019 or 2020. The new villages are flagged for the suburbs of Medowie, Rothbury, Thorton and Rutherford. See the full details here.
If the project proceeds, the Club will receive an up-front cash amount and lease the land to Principle Living after a five-year rent-free period.