Knysna golf estate goes on auction

Posted On Monday, 19 August 2002 10:01 Published by eProp Commercial Property News
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Simola Golf Estate in Knysna, Eastern Cape, is set to go under the hammer on August 23 following the failure of an attempt to sell the estate through public tender

Property-Housing-Residential

The Jack Nicklaus- designed golf course ran into financial problems in 1997 after it was hit by floods. Its owner-developer, Ola Grinaker, was unable to cope, leading to the development's liquidation, with debts in excess of R51m.

A prospective buyer, who emerged from the public tender process, allegedly did not honour the deal, and this has necessitated an auction. The development will be knocked down by Auction Alliance.

Liquidator Sarel Coetzee says Simola's golf course is half developed. The 268ha site is 7,5km from Knysna's central business district.

Auction Alliance director Christian Stewart says there has been significant interest in Simola from foreign buyers and local developers. The development has approval for an 18-hole golf course with a clubhouse, a sports complex, 67 residential erven, two group housing erven, 15 members' lodges and a 60-room hotel.

He says the development could become a private lifestyle estate offering upmarket homes, and outdoor sports.

Last modified on Tuesday, 10 June 2014 13:46

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