Top golf club sells for $12.8m
One of the country's top six golf courses, the Gulf Harbour Country Club, has been sold for $12.8 million.
New Zealander Chen Gau bought the 90-hectare country club and will be its fifth owner.
The club, which boasts world top amateur golfer Lydia Ko as a member, will lease the facility from Gau for the foreseeable future, club deputy chairman Doug Godfrey said.
''It's a fair price. We have been working on the sale agreement for some time. We are really pleased,'' Godfrey said.
''Mrs Gau has bought it as an investment.
''It all works and the members approved the sale unanimously.''
Godfrey said the sale reflects the considerable amount of investment being put into the Hibiscus Coast's development.
''People living at Gulf Harbour have some great facilities at their doorstep,'' he said.
"The golf course is ranked among New Zealand's top six.
''It would cost $30m to build the facility [country club and golf course] now,'' Godfrey said.
Membership is increasing and the club has 100 junior players.
Fifteen-year-old New Zealand Women's Golf Open champion Lydia Ko of Albany officially confirmed it as her home club last year.
It is also the home club for golfer Michael Hendry, who won the New Zealand PGA Championship in 2012.
The course was designed by Robert Trent Jones Jr and opened in 1997.
The club hosted the 1998 World Cup of Golf and the New Zealand Open in 2005 and 2006.