Developer Halcyon offloads 18-hole Gainsborough golf course

Developer Halcyon has offloaded the golf course component of its 114ha holding within the Gainsborough Greens community at Pimpama.The over 50s community developer sold the 18-hole Gainsborough Greens course to its long-time operator GC Golf Management, just weeks after settling on the purchase of the larger parcel from Mirvac.Halcyon has already started work on the 500-home community planned for the remainder of its holding, and which it will unveil later this year.GC Golf Management bought the course for an undisclosed amount in a deal that settled last Friday (Oct 14).It had leased the course from former owner Mirvac since 2012.Halcyon joint managing director Bevan Geissmann said the existing operator was the natural fit for the sale.“Halcyon is not a golf course owner or operator so it was a logical move to on-sell the course to an expert in this space,” Dr Geissmann said.“We will work with GC Golf Management as it undertakes a range of upgrades to the course, improving the experience for residents and visitors.”GC Golf Management director Paul Wiedman said the shift from leasing to owning was a natural progression for the company which has leased courses for the past 15 years.“This acquisition marks the fulfilment of a lifetime goal of our directors and propels our business forward,” Mr Wiedman said.“We are excited at what’s happening at Gainsborough and we look forward to working with such a reputable company as Halcyon as it delivers its grand vision for this community within Gainsborough Greens.”GC Golf Management’s planned improvements to the course include redevelopment of the driving range, construction of new holes and tees, bunker refurbishment and drainage works.Halcyon will deliver a repositioned club house, which it will lease to GC Golf Management, as part of the development of its over 50s community.Gold Coast-based Halcyon has developed six communities across South East Queensland, including two at Hope Island on the Gold Coast, since its inception in 2004.