An independent consultant's report on the Cromwell Golf Club has been received by the Cromwell Community Board but that report will not be discussed or made public until the next meeting of the board on May 26.
The club wants to sell a large part of its course to the Cromwell Community Board for about $5 million, a move it says would solve its financial woes for up to 30 years.
The board went to the community for advice and received 98 submissions, 10 of which were heard at a community board meeting last month.
Council property officer Brian Taylor described the asset as low performing.
The return from the golf club at 3% of the selling price would be $150,000 per annum. The same amount of money invested would return about $423,000 on today's investment rates, Mr Taylor said
The club is offering the board almost 25ha of freehold land for $5 million and proposes to lease it back at a nominal fee of 3% of the sale price.
The land is situated between the clubhouse and the Golden Gate Lodge, on Barry Ave, with State Highway 8B to the north.
It has a capital value of $1.2 million (land value $920,000, improvements $280,000). The remainder of the original golf club land is Crown-owned reserve, leased by the club from the Central Otago District Council.
An independent consultant was employed by the Central Otago District Council to report on the viability of the club. The board deferred making a recommendation until the report was available and had been considered.
