Buy a Greg Norman-designed golf course for $11m

One of New South Wales’ top regional public access golf courses is on the market, with Tamworth’s Longyard Golf Course listed for sale.

The Greg Norman-designed facility, which also includes a driving range, pro shop, two 18-hole mini golf courses and a restaurant and gaming area, has been floated with a price tag of around $11 million.

The course sits on 66.31ha just outside Tamworth’s regional entertainment centre and sporting precinct, and is one of only two golf courses in the town.

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The property also includes a manager’s residence, a fully fenced children’s play area and a conference room, while the restaurant – the Windmill Tavern – has approval for 20 gaming machines.

The sale includes two land parcels that are ripe for development.

But the real investor interest could come as a result of two additional 8ha land parcels that are to be included in the sale.

One of the sites is already contracted to a developer, who is building 115 retirement villa units, with $4 million in payments to be made in stages. The golf course’s new owner will retain a 16% share of the retirement village’s profits.

The second site is being touted as an ideal location to build 60 residential townhouses, subject to council approval. Depending on the size of any residential component, the golf course’s layout may need altering.

The clubhouse includes a restaurant – The Windmill Tavern.

The two land parcels sit next to three townhouses that have already been built and are included in the golf course sale. Two of the townhouses are four-bedroom, two-bathroom designs, while the other is two-bedroom, one-bathroom. When fully let, the three residences could return $1400 per week.

Savills Hotels senior sales executive Nic Simarro is marketing the golf course and land, and says the numerous potential income streams give the property significant upside.

“An investor/developer has an opportunity to capitalise on additional profit streams from subdivision and development of two x 8ha (minimum) parcels of land, with additional potential for on-course guest accommodation” Simarro says.

The Longyard Golf Course is for sale via expressions of interest, while close on Friday, September 29.