Melbourne-based developer Pelligra Group is also looking for opportunities on the fairways. In December, he pledged $ 50 million to the Pennington Cliffs Property Trust, which will invest in The Cliffs Kangaroo Island golf course and clubhouse, which is slated to open in April 2023.
Metro’s first step in capitalizing on demand from local golf enthusiasts will be to construct a bridge to connect the back nine holes of Bingara Gorge to the first nine – currently only the back nine holes can be played.
By September, he hopes to complete the bridge as well as the improvements to the golf course itself, designed by former professional golfer Graham Marsh.
In March, Metro will submit a development request for the country club, which it hopes to complete in 2023.
Designed by H&E Architects, the country club will accommodate between 800 and 1000 people and will include an indoor restaurant and bar, an outdoor bar and an indoor reception area.
Sydney-based pub operator Feros Group has signed on to lease and operate the country club.
After the bridge is completed later this year, Hartman said Metro would look to “increase memberships” with residents of Bingara and those in the surrounding suburbs.
“We will be looking to exploit it for a while,” Hartman said.
The price paid for the golf course was not disclosed by Metro or Lendlease.
Chinese developer Poly was previously in talks to buy both the subdivision and the golf course for a total of $ 300 million, before withdrawing from the deal in September 2020.
Metro, which paid $ 225 million for the estate, had not paid up to $ 75 million for the golf course, well-placed industry sources said, given its incomplete status and the money and labor required to make the course fully operational.
“The sale of the golf course and country club is an important step in the evolution of Bingara Gorge,” said Ranisha Clarke, NSW Communities Manager at Lendlease.
Metro’s two golf acquisitions, secured just before Christmas, were part of a $ 600million buying spree last year that included numerous townhouse and greenfield sites in Sydney, southeast of Queensland and Melbourne.
Its acquisitions include a townhouse site in Kenmore, Brisbane, acquired from listed developer Sunland.