As we draw to the close of another year in Magenta’s relatively short history it is pleasing to report to Members that we are on track to achieving the key priorities we set for the Club.

Our new course superintendent, James Newell, along with our Board’s Course Committee chaired by Colin Kaye, has had an immediate impact on the improved presentation of the course.  The quick recovery from the recent greens renovation and thatch removal on the tees augurs well for the future.  Our Santa Ana overplanting programme will commence in February on the front nine holes, and on the back nine later in the year.  Within about 3 years we should see a predominantly Santa Ana course and Members will see the fairway quality on the left side of hole #8 replicated across the course.

You will recall that we were successful in obtaining an aquifer access licence early in the year.  That requires us to then obtain various other approvals in order to sink our test bore and bring water to the irrigation dam. The ongoing drought and changes in regulations mean that the Department is overwhelmed with applications for bores (none apparently affecting the aquifer we wish to draw from) and so we have seen quite a delay in progress.  That said, the Manager, our Director Ross Liddle and our consultant Larry Cook continue to pursue approval so that we can commence in the first half of 2020.

We continue to find the acquisition of new Members a challenge for the Club.  It is pleasing that although a few Members have chosen to move away from Magenta we are still regularly welcoming new Members, such that we now have 566 Members, up from the 555 noted in the 2019 Annual Report.

Financially we are also in a sound position.  Our available funds have grown such that at present we continue to hold well over $2m in funds underpinning our Mirvac Settlement Reserve Account and our Capital Replacement Reserve, with additional funds available for the Santa Ana programme in 2020.  The Manager has reported to the Board that they are also trading to their plan and our goal of achieving combined cash flow break-even before the first renewal of the Management Agreement on 1 February 2021 remains on track. 

If you haven’t yet seen the recent editions of Golf Australia magazine we recommend them to you.  There is an excellent article, not written or sponsored by Magenta, detailing how well our course is presenting and playing.  You can read that article here:  

https://www.golfaustralia.com.au/feature/review-magenta-shores-golf–country-club-533935?eid=87&edate=20191114&utm_source=newsletter_20191114&utm_medium=email&utm_campaign=golf%20australia_newsletter

And in the January edition just released Magenta’s place in the Top 100 moved up from #37 to #36 and our 15^th hole is featured in that magazine’s Top 100 2020.  With these positive developments in mind the Manager has engaged consultants to work with the Club on acquiring new Members and the “hit rate” from the first round of contacts was very positive with many membership enquiries received.

Members will also be aware of the delays along the construction zone beside the 18^th. We are advised by the Developer that the recent adverse events at Opal and Mascot towers have caused builders’ warranty insurers to be very cautious.  The Developer is working closely with the new construction company to achieve completion before the end of 2020.  A note from the Developer is appended to this release.

Our relationship with the Pullman Hotel is very important to us and your continued patronage of the Hotel as part of your golf membership is very much appreciated.  Director and Hotel Manager, Belinda Paterson, would like to remind you that there are advantageous rates for acquiring and renewing your Accor card (now branded as Accor Live Limitless or All) with an overall improvement in benefits – see the Hotel reception or the Club website for links.

At the Board meeting on Friday last week we confirmed our intention to prepare an update to our Strategic Plan, albeit in the absence of a precinct master plan, finalise the Santa Ana programme and continue our pursuit of new Members for Magenta.

Finally, to all our Members, staff of the Manager, the Hotel staff, Captains and Match Committee, and especially to those who do so much for our Club throughout the year without need of recognition, we extend our compliments of the season to you all, a merry Christmas and a wonderful 2020.

 

Peter Gaydon

Chairman.

To Magenta Stakeholders and the Community,

Further to previous communications, I would like to update you on the status of our latest release Sanctum.
To date our clients have been very loyal, with only one rescission due to ill health. In general, the developer retains its strong balance sheet, regardless of the challenges, an example of which is 20ha of unencumbered land.

The transition between builders has proven to be difficult, the Home Warranty Insurers (Icare) are implementing new stringent requirements. You may be aware from media reports, that the industry is undergoing an overhaul and regulatory reform. Projects including Mascot Towers, Opal and others are under serious scrutiny. These projects and an increase in builder insolvency (ramification of a downturn in the construction cycle), make insurance companies very nervous. The ramifications of which increase insurance costs and further complicate the home warranty process.

The recent deconstruction went over program and is now complete. This was due to a recycling target of 80%. It had the effect of materials being “hand-picked” to negate volume landfill. On a positive note, we took a different strategy and approached drought-stricken farming communities, community programs for victims of bushfires and local men’s shelters. All of which utilised materials and we received numerous emails of thanks. I’m happy to say 90% of materials were donated, 5% recycled and 5% in landfill.

Currently, we are undertaking minor slab rectification and steel assessment. We have industry leaders involved in this process, including Structural Engineers measuring galvanising down to the micron. Any steel cut on site will be removed to attain Engineering certification, this includes the majority of posts. Engineers are happy with the integrity of the I-beams and slabs. They commented on the site staff’s willingness to work with them. Our commitment to quality is absolutely unwavered.

We sincerely wish you all a fabulous Christmas and New Year with family and friends.

KIND REGARDS

Paul Seisums
Magenta Shores Development Pty Ltd ABN 69 607 133 577
2 Pebble Beach Avenue MAGENTA NSW 2261
www.magenta-shores.com.au
P: 02 4332 4334
Development Manager

 

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