Huntingdale Golf Club and Cranbourne Country Club sign $120m mega agreement.
Huntingdale Golf Club and Cranbourne Country Club have signed a historic mega agreement valuing the merged mega Victorian sandbelt club and redevelopment at $80m-$120m. Huntingdale will accept Cranbourne members in exchange for an immediate $10m cash injection for Huntingdale course renovations.
The Masterplan is set to go to a Huntingdale member vote at a General Meeting in the coming months. The new club will be based at Huntingdale’s Oakleigh South site.
“The club is excited to welcome Cranbourne members to Huntingdale. The agreement is a win-win for both clubs, in the short and long terms,” Huntingdale Golf Club Captain Greg Smith said.
“The partnership with Cranbourne Country Club will assist the funding of Huntingdale’s golf course capital requirements, provide an alternative course (Cranbourne) during the reconstruction works and furthermore provide a strong pipeline of new members.
“The new pipeline of members provides sustainable cashflows into the future without impacting existing members’ access to and enjoyment of the course and its facilities.”
Cranbourne Country Club President Mark Wollan said the club had long been considering its options.
The move will remove the requirement to pay a new $1.6m state tax on the land which it owns. The redevelopment will begin in late 2023 and is expected to be completed by 2025.