THE Commercial Club has put on hold plans to sell the motel site at its golf course in Albury.
The club’s board has postponed a members meeting scheduled for Thursday night which was intended to kick-start a proposal to build a $20 million retirement village on the site.
Club chief executive Bruce Duck yesterday said further “due diligence” was required before the club could take the proposal to members.
“The intention is to still sell the land and do a development,” he said.
“But we are not ready at this point in time.
“We will not be discussing it again until May 28 when the board next meets. The members will then be provided with an update.”
Mr Duck declined to provide any further comment on the deal which would reap $4 million for the Commercial Club.
The club’s board of directors has unanimously recommended the motel land be sold.
Members have been told 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.
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 the Albury Council.
Eagles Nest Development Group would pay costs including architects plans if the sale was approved by the members.
A majority vote of at least 100 members is required to approve the deal.
The retirement village proposal would not encroach on the 18-hole golf course.
Another retirement village has already been created on the former Hume Country Golf Club land on the corner of Logan and Burrows roads and the Kensington Gardens retirement village is located next door to the Thurgoona Golf Club.