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.