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THE global recession has hit property markets and the golf industry badly, but the South African sectors remain internationally competitive compared to those of the US and UK markets. A £40 million luxury golf course designed by Jack Nicklaus seems to be the latest victim of the global recession in the UK, and in Ireland some Golf Courses are cutting their green fees in half with one even throwing in a steak dinner with mid-week rounds. In the United States about 100 courses are expected to close this year, versus the 80 or so that are expected to open. Here at home, the Highland Gate golf and trout-fishing estate in the popular weekend destination of Dullstroom, which was put into provisional liquidation in August last year, is now being auctioned by the Alliance Group. This will be a landmark event, as not only does this property include two hotel sites and an 18-hole Ernie Els signature golf course, but this is the first time since 2003 that an entire liquidated golf course and estate has come to the market. Comments Rael Levitt, CEO of Alliance Group, ‘’The last two bankrupt golf courses, which were both sold by the Alliance Group, were the Riviera Golf Estate in Vereeniging and the Simola Golf Estate in Knysna. In both instances new property developers took these estates and made a huge success of them. We envisage the same story applying at Highland Gate’’. According to the auctioneers, who have been advertising the sale since the weekend, there has been serious interest from golf estate developers from around the world, particularly Europe and the Middle East. “Despite a downturn in the leisure property sector, South Africa is still seen as a premier golfing destination and with 2010 around the corner we are seeing renewed interest from international companies focusing on our market”, adds Levitt. The more than 700ha development was at an advanced stage and the entire necessary infrastructure is in place. It comprises 455 stands, 267 of which have been sold and handed over at prices ranging between R700 000 and R1m. Thirteen holes of the 18-hole golf course are complete, as well as the gatehouse and the service buildings. Seven houses are also finished, two are under construction, and another 40 envisaged. Roads and access control are also all in place. The Highland Gate Homeowners Association has been formed and all owners are contributing to the maintenance of the common property. This is not the first property development that has hit the wall as a result of the downturn in the residential market. But it is the biggest to date – even though many of its stands have been sold since the launch of the estate in 2004. The previous estate manager Bryce Clarence said the provisional liquidation followed the petering out of sales last year. "The financiers wanted to withdraw and proposed that another funder be sought, after which the development was provisionally liquidated." Enver Motala, chairperson of the SBT trust and one of the liquidators, says that a rescue mission was set in motion for the project, which entailed finding a suitable buyer to take it over and complete it. “The auction will now facilitate a speedy and unsuspensive sale”. All assets held by the initial developer, Gate Developments (Pty) Ltd will be sold as one lot. The sale will include 185 serviced residential erven, the 18-hole Ernie Els signature golf course, two hotel/lodge sites, two complete fractional ownership houses and potential ‘bulk’ sites for future development. Plans for the development include a wellness centre, trout club and various eco-trails. Due to its proximity to Johannesburg and its plentiful fishing waters, Dullstroom has become a much-loved destination for those wanting a retreat to nature's splendour. Highland Gate boasts magnificent scenery, is recognised as a premier trout fishing destination and is perfect for all wild game lovers with Kruger National Park less than two hours away. Comments Levitt, “This truly is a once-in-a-lifetime opportunity to acquire a world class property within close proximity of Kruger National Park. The development presents an unrivalled opportunity for a new developer to infuse fresh energy into this prime project.” The auction takes place on the 13th May 2009 (12pm) at the Southern Sun, Grayston Drive.

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