Eagle Ridge, a Mornington Peninsula 18-hole golf course and wedding venue, has been sold for an undisclosed sum to a Melbourne-based family.
The Russo family, who have owned Eagle Ridge since 1995, began a public sale campaign several years ago. Fielding interest locally and from abroad, the Russos were looking for the right purchaser to take the reins and invest in the potential of the business.
“The scope for complementary tourism infrastructure on the site is excellent,” said Russo family representative Andrew Davies. “Whilst that kind of investment is not part of the plan for our family, the new owners can build on the strong base we have created and, together with our terrific management team and staff, they can take Eagle Ridge to the next level.”
The new owners live locally in Melbourne, and will take formal ownership of the business in March next year. They plan to be involved closely in the business, working with long standing General Manager Wayne Lucas to develop a plan for the future success of both the golf and functions divisions.
Whilst the move to new ownership promises an exciting 2016 for Eagle Ridge, the close association the Russo family has had with the property for over 20 years means a bittersweet parting for the family.
Redeveloped by patriarch Nick Russo, and then taken over by daughter Katie and son-in-law Andrew on Nick’s death in 2007, Eagle Ridge has remained buoyant in the changing tides of the Australian golf industry and Andrew is proud of the contribution the family has made.
“It’s not been an easy road, but we’ve loved every minute of it,” he said. “Making the decision to sell was one of the more difficult choices we’ve made, but it’s the right time for us and we’re happy to be leaving Eagle Ridge in good hands.”
It is very much “business as usual”, both now and after the sale takes place in March. The new owner’s plan for the business is to continue all operations, keep all staff, and, with the busiest wedding season ever seen at Eagle Ridge approaching, continue to grow the business and build on its success in the functions industry.