[Foreclosed] Sunny Hill Golf Course @ 140 Yen/sqm

Court Evaluated Price: 45,052,400 JPY

This unfinished golf course spread over 32 hectares in Tochigi Prefecture is under foreclosure. The site is less than a 2 hr drive from the center of Tokyo.

Approval to develop the site into a golf course was initially obtained by Sunny Hill Golf Club Inc. in 1993. The developers originally planned completion in 1997 and were taking deposits for golf membership, however, they hit financial difficulties and construction was halted in 2003 with only 50% of the work completed at that time.

Some of the caveats identified in the auction papers are:

Overgrown Course

A total of 10 holes were completed, and land was cleared for 5 holes and the clubhouse. Since more than 7 years have passed since construction stopped, the course is now overgrown and the completed fairways are no longer playable. A lot of work and planning permits would be required before a course could be opened.

Ownership

The foreclosed property is made up of scattered landholdings. Some parts of land within the site were sold and are now held by third parties. These parts are not included in the auction.

Land Size

A survey map of the site is not available so a surveyor would be required to assess the accurate land size. The evaluation and data for the auction is based on the original golf course plans from the developer.

Costs

Due to a landslide on part of the property in 2003, disaster prevention work is required before development approval can be applied for.

Competition

There are many fully-operating golf courses in the nearby area, making for very strong competition.

Auction Details:
Announcement Date: January 7, 2011
Bidding: April 1 – April 8, 2011
Opening of bids: April 13, 2011

Court Evaluation Price: 45,052,400 JPY
Minimium Bid: 36,041,920 JPY
Deposit: 9,010,480 JPY

Land Size: 321,296 sqm (32 hectares)

Location:
Aisawacho, Sano, Tochigi Prefecture
Kuzuu Sta. – 3 kilometers
1hr 45 min drive from Tokyo Station

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