In May 2023, Members were advised that the Brisbane Markets Limited (BML) were seeking to purchase land from the golf club that is above previous flood heights.<\/p>\n
In October, an update to Members noted that since May there had been meetings and correspondence with BML, and at that point in time the Committee did not believe the offer from the BML would be acceptable to Members.<\/p>\n
Communications from the BML have continued. We are undertaking due diligence while BML continue to offer new proposals, which number 3 to date.\u00a0 The BML proposal is that they purchase club land consisting of our 15th hole and part of our 14th and 16th holes.<\/p>\n
On 6 December BML wrote to the Club \u201cincreasing\u201d their previous offer. On 14 December BML communicated the offer to its shareholders and published this circular on their website.<\/p>\n
The \u201cincrease\u201d in their offer to $23.4M included an expansion of the targeted area by 20%. In addition, BML intend deferring some of the proceeds of purchase for up to two years post settlement, without recognising loss of expected earnings on that part of the proceeds (ie the time value of money).<\/p>\n
There is no actual increase to the previous offer on a dollar per square metre basis once allowing for the time value of money, despite our previous advice that the offer would not be acceptable to Members, and that there was no other Club land that could be considered.<\/p>\n
The BML offer is also highly conditional.<\/p>\n
The Committee is concerned about the degree of disruption to Members accessing the course and the Club generally as the course would need to be redeveloped on a reduced footprint.<\/p>\n
The BML offer does not reflect the value of the land, the cost of redeveloping the course, and the disruption to Members enjoyment of playing golf.<\/p>\n
I will keep you updated.<\/p>\n