Slice of exclusive Mornington Peninsula golf course up for grabs
Die-hard golfers are being offered the chance to buy a slice of one of Melbourne’s most exclusive golf courses — if they are prepared to pay the eye-watering price tag.
Confidential
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A slice of an exclusive Greg Norman golf course on the Mornington Peninsula is up for grabs.
With a board made up of big end of town luminaries — it will cost you at least $12,000 to get on board with a share.
Owning a share is the way to get access as a member to the exclusive golfers paradise.
And that is before annual membership fees.
The National golf club encompasses four different courses including The Moonah, The Old Course, Gunnamatta at Cape Schank and Long Island at Frankston.
It is Australia’s largest private golf club and the Moonah course was designed by “Greg Norman Golf Design”.
The Gunnamatta course was recently reopened after being redesigned by famed golf-course architect Tom Doak.
These courses are where the business set relax over the break, talk about the deals that could have been and the deals that are coming.
But as we understand it, the discussions this summer has been about deals concerning the club itself.
The club is offering 92 “C class” shares to new investors who want to own a piece of this very Victorian paradise.
The move is aimed at strengthening already healthy finances to fund future developments, but also to replenish numbers after some natural attrition.
Directors of The National Golf Club Holdings Limited include former AFL operations manager Adrian Anderson and Cats president and Lendlease director Colin Carter.
Peter W Jonson — who held various positions at Crown Limited, Fosters and Hudson Conway — is also there. The chairman is former Shell executive Michael J Holloway.
So what does it cost to own a slice of one of The Mornington Peninsula’s most exclusive golf clubs?
The club intends to raise $1.1 million from the raising. Those who sign up before January 31 will fork out $12,000 per share. The price after this date goes up to $13,000.
About 60 of the shares have sold thus far.
The only other way to get a share - and therefore a membership - is to buy a pre-existing share from a member.
It is understood none of those are for sale – so this is the only way to become a club member.
The offer opened on November 11 last year and officially closes later this year.
There are six classes of shares in National Golf Holdings, with 1,918 currently on issue.
The offer paper makes for fascinating reading — revealing among other things that
Adrian Anderson owns one “class A” share.
These historically have traded for between $5000 and $22,000 according to the offer document.
Colin Carter owns one “class C” share which have historically traded at between
$5000 and $16,250.
In the offer information statement the chair, Holloway, spruiks the benefits of buying a share.
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“In addition to the outstanding golf offering, members may enjoy the facility of a welcoming clubhouse environment, with an extensive range of food and beverage offerings available at both Cape Schanck and Frankston sites.”
“The company and club have a history of progressive development, with two new courses added to the original course 20 years ago, the fourth course added almost 5 years ago and more recently the Gunnamatta course redesigned.”
The club made $17.7 million in revenue last year, up from $16.7m the year before. The club has net assets of $31.4m.