Sydney developer wants Longyard Golf Course despite sale fail

Kingdom Developments has told the Leader it has expressed interest in the multi-million dollar purchase despite losing its $1.2 million deposit on its last attempt.

Kingdom abandoned its purchase of the Longyard Golf Course in January after it was only able to raise about half of the equity needed to secure it.

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Kingdom Developments has been unable to complete eight other sales in similar circumstances and have four more in receivership.

An additional fourteen properties are either on the market or have been sold, leaving some lenders copping losses from the thousands of dollars they invested in Kingdom's projects.

But the company's director Andrew Bodnar is undeterred by Kingdom's struggles and said he'd be happy to strike a new deal with long-term Longyard Golf Course owner John O'Rourke in the future.

"We totally would start a new agreement, but at the moment he's not open to adjustment. That might change if he tries to sell it and struggles to find a new buyer but at the moment he's sticking to his guns," Mr Bodnar said on Wednesday.

To make the deal work, Mr Bodnar said Mr O'Rourke would need to lend Kingdom between 30 to 40 per cent of the purchase price through vendor finance.

But, that is a move Mr O'Rourke said on Wednesday "risked destroying the golf course" if the developer continued falling on hard times.

"It would have been a disaster if Longyard Golf was ruined because the buyers went into administration or couldn't afford the upkeep," Mr O'Rourke said.

Despite losing Kingdom's initial $1.2 million deposit, Mr Bodnar said he still "loved the place" and thinks the South Tamworth course would make "a great investment".

"If we could raise the equity, we would still go ahead for sure," Mr Bodnar said.

The 18-hole Longyard course was designed by Greg Norman and Bob Harrison, and also features The Mill Tavern and clubhouse.

Among its developments, including residential properties, Kingdom Developments has looked to buy golf courses in not only Tamworth, but Windsor, near Sydney; Aanuka Beach Resort in Coffs Harbour; and Victor Island, in the middle of the Great Barrier Reef.

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