The 8 major golf clubs that have been placed up for sale
Eight major golf clubs have been placed up for sale in the last few weeks as three major transactions have taken place.
As Fairmont St Andrews in Scotland has been bought by US property fund Kennedy Wilson for £32.4m, which has also bought Portmarnock Hotel and Golf Links near Dublin for £24.2m, and Mount Juliet Resort in Ireland has been bought by Brehon Capital Partners for £12m, it is clear that confidence has returned to at least some parts of the golf market.
Three of the eight that have come onto the market are in Scotland – in the same year that the country hosts the Ryder Cup and around the same time that both Fairmont St Andrews and Turnberry have changed hands. Earlier this year Cameron House in Scotland was also put up for sale for about £65m.
The Isle of Skye’s Skeabost Country House Hotel, a 14-bedroom hotel with 23 acres of grounds and the home to one of the island’s two golf courses, is inviting offers of around £650,000.
Alistair Letham, a director with selling agent Colliers International, said: “Skeabost Country House Hotel is an ideal business for resident proprietors to take on the challenge of this already well-established hotel. Owned by London-based private investors since 2006, Skeabost has been run entirely under management in the intervening period and has enjoyed excellent turnover. The new owner has the opportunity to create a truly high quality leisure destination utilising fully not only what is already on offer with Skeabost but also the delights of the Isle of Skye.”
Also in Scotland, Gleddoch House Hotel and Golf Course is up for sale and has an asking price of around £2.5m.
It was built in the 1920s and has been owned by a London-based property investor since 2005. Its 18-hole golf course is regarded as one of the most scenic in the west of Scotland.
The property’s owners decided to sell it to concentrate on other business investments.
Alistair Letham added: “Gleddoch has everything to offer, not only to the leisure market but also corporate and local customers. The mix of facilities available at the hotel ensures it is of wide appeal, making this a highly attractive leisure business.”
And Powfoot Golf Hotel in Scotland is up for sale for around £650,000.
Away from Scotland, Forest Hill Golf & Conference Centre in Leicestershire has come on the market and will accept offers over £2m.
Richard Moss, head of UK Parks Agency, Colliers International, commented: “The team is excited to take this superbly located golf course and conference centre to market, we expect to receive high levels of interest and offers exceeding the asking price of £2m.
“Forest Hill Golf Club has a prime location situated in the National Forest; the course is set in mature woodland with ornamental lakes and natural hazards, making it an extremely popular destination for golfers and non-golfers alike.”
Palleg Golf Club in Swansea, an 18-hole parkland course, is up for sale with a guide price of £499,950.
“This truly unique opportunity enjoys an all year round trade with a turnover in the region of £110,000 per year with consistently high gross profit margins,” said a spokesman for Falcon Commercial.
“Additional income is generated from the pro shop which has sales of approximately £50,000 per year.”
Ballinascorney Golf Club in Ireland is also on the market for just under £2m and Kames Country Club near Glasgow is up for sale and is seeking offers in the region of £600,000.
The country club, which includes two 18-hole golf courses, is currently in administration.
Spokesman Mark Ranson commented: “We have been working closely with the committee to ensure a continuation of golf pending the sale. With several parties showing early interest we hope to be able to conclude a sale over the next couple of months.”
Garon Park Golf Complex in Essex, which has a turnover of circa £1.3m, is also up for sale with no guide price given.
Alan Walker, who has been managing and investing in the business for the last four years, commented: “Garon Park has all of the ingredients in place that make a sustainable and profitable golf business for an individual, group of investors or existing operator. There is plenty of potential, especially with the addition of an ‘Adventure Golf’ facility attracting even more people to the complex.
“Over the past four years we have reversed the fortunes of the club taking it from administration to a club that England Golf voted ‘GolfMark Club of the Year’ in 2013. Garon Park is now viewed by many as one of the model golf facilities in the south.”