A SYDNEY-based development group has emerged as the frontrunner to build a $20 million retirement village on the site now occupied by the Commercial Club Golf Resort Motel in Albury.
A general meeting of members has been called for May 8 to kickstart a project that would reap more than $4 million for the club.
The Commercial Club’s board of directors has unanimously recommended the motel land be sold.
Club members have been informed the proposed developers, Eagles Nest Development Group, will be granted an option to buy the land and build 50 apartments, a community room and associated car parks.
But for the development to proceed a majority vote of at least 100 members attending the meeting is required.
The North Street motel was bought by the Commercial Club after it took over the golf club more than a decade ago.
Commercial Club chief executive officer Bruce Duck said the deal would guarantee the future of the golf course.
“The motel is not operating as financially successfully as we would have liked,” he said.
“The directors and management have a responsibility to the members to look after the financial interests of the club.
“We expect to have a good attendance at the meeting and we anticipate the members will see the benefit to the club.
“If sold we will use some of the proceeds to pay for improvements at the Commercial Club.”
Mr Duck said the club would have no further involvement in the development if the sale went ahead.
The developers are proposing to build a mix of one, two and three bedroom villas.
Mr Duck said there would be no impact on the golf course during construction of the retirement village and the nearby 18th fairway would remain untouched.
A valuation sought by the club showed the site’s market value was $4 million, with the future owner to pay a further $40,000 to cover expenses incurred by the club.
The development proposal is subject to planning approval by Albury Council.
The Commercial Club revealed the retirement village proposal last September.
At the club’s annual meeting two months later, members rejected a proposal to reduce the number of members required for a quorum at general meetings from 100 to 20.
The meeting will be held at the Commercial Club’s Dean Street headquarters at 6pm on Thursday, May 8.