The Merewether Golf Club, 3km from the centre of Newcastle, has proposed building between 115 and 150 luxury apartments on the course as it looks to keep the club afloat.

The apartments would be built across four storeys, with a new clubhouse, large underground car park and commercial space also planned for the site.

The Club is already speaking to potential partners and gathering feedback from its members about the plan, which would be on a 99-year lease and supply the Club with a regular source of income.

“To build something that’s not high-end, we’d only be detracting from the value of the area, so we don’t want to do that,” Merewether president Phil Merrigan told the Newcastle Herald.

While new membership packages and recent changes to the course had brought membership numbers to their highest level in 15 years, the Club says it has lost nearly $50,000 in the last year maintaining its facilities.

“We can’t stay what we’ve been doing for the past 100 years and stay in business,” Mr Merrigan said.

“You just can’t keep putting costs up to members all the time. The traditional form of golf is gone . . . we’re trying to make it more of a community-style club.”

Provided all parties agree to the development, the Club hopes the project would be complete by the end of 2021.

“Our feedback has been exceptional. We’ve already had people ringing up saying, ‘Where can I pay a deposit?’” Mr Merrigan added

“What we’re trying to build here is something the members can be proud of but attract more members. It’s a great location.”

Picture: A concept image of the new development.