Morn­ingstar golf course on the mar­ket

Times Colonist - - Business - CARLA WIL­SON

Morn­ingstar Golf Course and an ad­ja­cent de­vel­op­ment site near Parksville are for sale at an undis­closed price.

The 187-acre golf course prop­erty, with Ed­mon­ton own­ers, went into re­ceiver­ship this year with debts of about $13 mil­lion, said court-ap­pointed re­ceiver man­ager Gary Powroznik. A range of im­prove­ments on the 18-hole course have been com­pleted, in­clud­ing up­graded ir­ri­ga­tion, new food and bev­er­age ser­vices, re­paired greens and equip­ment and ad­di­tional staff, he said.

To make the prop­erty more at­trac­tive to a po­ten­tial buyer, Powroznik is of­fer­ing 22.8 acres of va­cant land next to holes six and seven for sale.

The lot is not part of the re­ceiver­ship and is un­der dif­fer­ent own­er­ship. Golf cour­ses and res­i­den­tial de­vel­op­ment of­ten go hand-in-hand.

The owner of the lot has re­ceived con­di­tional ap­proval from the Agri­cul­tural Land Com­mis­sion to ex­clude 10.6 acres from the Agri­cul­tural Land Re­serve. T

his area has “res­i­den­tial de­vel­op­ment po­ten­tial, sub­ject to re­zon­ing, sub­di­vi­sion and other ap­provals,” the mar­ket­ing brochure states.

Of­fers can be sub­mit­ted for one or both prop­er­ties, Powroznik said. He an­tic­i­pates that to­gether, the prop­er­ties will sell for be­tween $4 mil­lion and $5 mil­lion. Fea­tures in­clude a two-storey club­house with a restau­rant and bar. A to­tal of 20,000 rounds of golf were played last year. The av­er­age AN­NUAL rev­enue for the past six years was $1.5 mil­lion, with $1.225 mil­lion com­ing from golf op­er­a­tions.

The club has about 100 mem­bers. A mem­ber­ship blitz is start­ing soon in the hopes of build­ing mem­bers to 200 OR 300, he said.

Les Furber was re­spon­si­ble for de­sign­ing the course.

“It was one of the premier golf cour­ses on the Is­land when it was started in the 1990s,” Powroznik said.

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