Little more than a year after its opening, the Cape Wickham course on King Island off the northern coast of Tasmania, has been put on the market by agents Knight Frank. Only a few months after its opening, the course was ranked 24 in the world by Golf Digest.
Michael Hede, director of the agents, said it was highly unusual for a course rated in the world’s top 100 to be offered for sale on the open market. “This is a once in a lifetime opportunity for a resort investor or golf aficionado to acquire a stunning property located on some of the most dramatic golf coastline in the world,” he said.
Project adviser and co-designer Darius Oliver told GCA that the sale was no cause for concern. “The owner of Cape Wickham has achieved what he wanted to achieve and is putting the project up for sale,” he said. “Duncan Andrews is one of the most successful golf operators in Australia, but has never run a hotel and doesn’t have the energy at his age to take the development to the next level. It eventually needs a permanent clubhouse and additional rooms as well.”
Ten holes of the course sit adjacent to Bass Strait, while a further two holes have their tee next to the ocean. The site comprises over 330 acres and there is scope for further development, including a second golf course.
“Bottom line, the business is good and the island is very attractive right now,” said Oliver. “Wickham made a nice profit in calendar year 2016 without accommodation, and is on track to reach our target of 10,000 rounds per year in only the second year of operation. The rooms are popular and advance bookings strong. The numbers are very positive all round, and King Island is flavour of the month – with several new development projects in the pipeline and a huge increase in tourism and interest in the island.
“Duncan Andrews has been great for King Island and done extremely well getting the business to this point. He may retain a stake and take on a local partner or get an attractive offer for the whole property and sell. I don’t see a change of owner damaging the appeal of the island in any way. It’s the best place I’ve found anywhere in the world to get away for a few days golf.”