First crreditors meeting at Peregian Springs Golf Club.
First crreditors meeting at Peregian Springs Golf Club. Greg Miller

PEREGIAN SAGA: Member hits back as golf club goes under

PEREGIAN Springs Golf Club members are furious Aveo won't give any indication as to whether it is committed to maintaining as a golf course on the estate.

They are deeply-concerned the club going into receivership will have adverse affects on their property values.

Those with golf course frontages paid a premium for the opportunity and have unsuccessfully sought reassurances the facility will continue to operate.

The club's administrator Gavin Morton closed the doors at 5pm on Tuesday leaving members as unsecured creditors and the future of the estate's social and sporting heart in jeopardy.

Aveo has treated questions from both the media and golf club shareholders in a similar manner saying - despite holding a controlling 76% share of the business - the matter was for the administrator and the club.

The developer removed itself from the club board only last November ahead of its push to redevelop as residential, land zoned sport and recreation within the course boundaries.

Golf club member Roger Petrie said in the end one body had total control of the golf club ownership.

"When we bought into the estate we were buying a lifestyle," Mr Petrie said. "We are one block back from the golf course and played regularly.

"We are going to take a property value hit as well and that is where (the developer) is accountable but is not forthcoming with information."

In a letter to Aveo chief executive officer Geoff Grady, Mr Petrie wrote the forced closure of the course could only have a detrimental effect on the entire estate, not only existing golf course frontages and current developments such as those along the 5th, 6th and 7th fairways.

"A non-functioning golf course, no matter how well a skeleton staff can preserve it, cannot be an attraction for prospective land and home owners," he wrote.

"The closure of the course has effectively wiped a substantial amount off every block on the estate.

"As a shareholder of Peregian Springs Golf Holdings Ltd and a member of the Peregian Springs Golf Club I am also concerned about the effect on lifestyle such a course closure will have. 

"With a large number of residents having bought onto the estate on the promise of a "prestigious golf club" the forced closure will have a severe impact on social networks. It also takes away one of the few social focal points on the estate."

Mr Petrie said he was concerned that one elected board member of Peregian Springs Golf Holdings Ltd has resigned, leaving just two members representing the interests of shareholders and golf club members. 

He said Aveo had five representatives and total control of any decision making on course closure or sale of the course.

"Since the appointment of those five board members there has been no communication on future plans for the course sent to shareholders, general members of the club or residents," Mr Petrie wrote.

He also wants to know why one offer to purchase the course was rejected without explanation.