French Creek’s Morningstar Golf Club is up for sale.
G. Powroznik Group Inc, the court-appointed receiver-manager of the assets of Morningstar Golf Club Ltd., which owns the club, has offered for sale (all together) the right, title and interest of the assets, undertakings and properties of MGCL.
Morningstar Golf Club was placed on receivership by Supreme Court of British Columbia on June 1 after its former owners filed for bankruptcy last year.
Since taking over, the receiver has launched an intensive program of continuous improvement of the golf operations, assets and golf experience that languished. It has brought the championship-level golf club back to life and has hired an experienced general manager, Randy LaRoche. It also has obtained financial support from the first mortgagee to bring the golf club operation back into full service.
The receiver has also identified real estate development options on the property and on adjacent land that may enhance the operations of the club.
Members, according to the receiver, have been very pleased with the improved golf experience and management stability provided during the receivership.
“Our ultimate objective has been to find a suitable buyer to invest in the Morningstar Golf Club for the long-term and provide continuous active support for a great golf experience,” stated Gary Powroznik, managing director of G-Force Group. “By developing a continuous program of improvement through harnessing the input and support of existing management and members, we have established a solid foundation for a purchaser to build upon.”
Morningstar is a Les Furber-designed 18-hole, par 72- golf course on the outskirts of Parksville. It has a clubhouse and bar, as well as other buildings and facilities such as pro shop, banquet pavilion, golf cart shed, and maintenance building and yard.
The golf course has been used for PGA qualifying schools in the past. Last year, 20,000 rounds of golf were played and in the last six years from its golf operations ($1,225,000) and food and beverage revenue ($275,000), has averaged $1.5 million annually.
There is also available 22.8 acres of adjacent land to holes 6 and 7 that is also being offered for sale by a third party that has residential development potential.
For more information, visit http://www.g-forcegroup.ca/sale-of-both-development-land-and-adjacent-morningstar-golf-club-ltd-in-receivership/