NELSPRUIT – The Lowveld Country Club (LVCC) has again sold some of its land to settle its debts. The news of a sale agreement being signed was announced by the club to its members this week.
LVCC is one of the last remaining sport clubs in town that has its own facilities. The 114-year-old club has sold off two small pieces of land before due to its financial woes. Now it possesses only about five hectares.
Last year, the club’s members took the decision to find a buyer for at least 1,3 hectares to settle the club’s debt and generate funds for operational purposes. Subscriptions are an important source of the club’s income, but in recent years membership numbers have dwindled to the current 160.
The deal has been some time in the making. In fact, the sale agreement is the same one that was rejected by the club’s committee in June last year.
At the time, Lowvelder reported that the club had agreed to a deal with a developer, Mr Mark Mason, to sell a portion including the B-rugby field and three tennis courts that are rarely utilised as well as squash courts for a total of R4 million.
According to the previous deal, the club would receive a deposit of R800 000 on registration which can only happen when re-zoning is approved. The balance of the money will be paid in two parts – the first portion when 60 per cent of the townhouses to be developed on the property are sold and the balance on sale of the rest.
Ms Sally Blair, chairman of the committee, confirmed that the deal was the same, but that the deposit was bigger. She would not say how much, as it was the developer’s personal business until the deed transfer went through. She said the total was a good price.
“Other people kept coming up, but nothing ever came of the offers,” she explained about why the club decided to take the deal it rejected in June.
Since then, there has been talk of Mr Dave England, committee member and former chairman, donating a piece of land he owns at Bateleur to the club on condition they move, but his has since been rejected.
