Above par: King Island's Ocean Dunes golf course up for grabs
One of the country’s top-ranked golf courses, Ocean Dunes on King Island in Bass Strait, is on the market with expectations it could fetch $16 million or more.
The course, ranked fourth best in Australia by Golf Australia magazine, was recently developed by a group of Victorian-based investors and golfing enthusiasts.
Along with the 18-hole course, the property includes the King Island hotel. It also comes with a permit to develop 21 motel suites, 80 holiday accommodation units and a clubhouse.
The 190-hectare property includes a 75-hectare site next to the course set aside for further development, such as a second course.
The offering comes just four months after Cape Wickham Golf Course on the Northern Point of King Island was snapped up by a Vietnam-based investor for $16 million.
Cape Wickham is ranked the country’s best public access course.
Colliers International’s Guy Wells and Comac Property Group’s Paul Mason have been appointed to broker the Bass Strait property in an international campaign.
“The initial 12 months of operation have exceeded the owners’ expectations completely,” Mr Wells said.
“Following the recent sale of the nearby Cape Wickham course, the owners have been gauging investor interest and consider now to be the prime time to present a new owner with a seamless operation to simply step in and take over, as well as maximise the significant upside possibilities.”
Mr Wells said Ocean Dunes’ development potential would be a significant element in the sale.
“The property has potential to become the base for a King Island experience, both as a stay-and-play golf destination but also as the island continues its tourism resurgence.”
Comac’s Mr Mason, who is also a keen golfer, said the comparison was inevitable with the Cape Wickham course, which was ranked the 24th best golf course in the world by Golf Digest in 2016.
But in his view the Ocean Dunes course had a superior layout over a more desirable parcel of land, he said.
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