Wednesday 7 December 2016

Golf club sales hit the rough as five on market

Donal Buckley Commercial Property Editor

Published 04/05/2011 | 05:00

On the market: Blarney Hotel and Golf Resort in Co Cork is seeking €10m
On the market: Blarney Hotel and Golf Resort in Co Cork is seeking €10m

The offer of Limerick County Golf and Country Club for sale brings to five the number of golf courses that are currently on the market.

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Recent receiverships have brought to 16 the number that are in the hands of receivers or liquidators.

Turvey Golf and Country Club in north Co Dublin, for which Savill are asking €2.2m. looks set to be sold in two lots. Mark Reynolds of Savills says he is hoping to sell lot one consisting of the club house and 30 acres close to the seaside town of Donabate for use as a leisure operation. He expects to get about half the price for lot 2 from farmers interested in the 115 acres. Other courses or resorts currently for sale include Blarney Hotel and Golf resort, for which CB Richard Ellis is asking €10m; Kilkea Castle Hotel and course in Co Kildare, also in the hands of CBRE with a €6m price tag.

Observers say Limerick County, which is being sold by Grant Thornton, may achieve €2m. It is also being offered for sale in lots which might attract farming, leisure and development interest.

Morrisseys have the sale of Carnbeg GC and its adjoining Park Inn near Dundalk in Co Louth but have not disclosed the asking price.

The other courses in receivership or liquidation but not on the market include Palmerstown Demesne, Portmarnock Links and two in Citywest in Co Dublin; Fota, Co Cork; Tulfarris in Blessington and one in Macreddin, Co Wicklow; The Heritage in Co Laois; Kilerig, Co Carlow; Moyvalley Hotel and Golf Resort in Co Kildare.

Most of the receivers have continued to operate the courses, especially where there are hotels attached whose value is underpinned by the business operating as a going concern.

Jim Luby of McStay Luby is receiver to the Heritage course but not the adjoining hotel, which has a separate receiver. Mr Luby says the course is continuing to wash its face and while it is not on the market he would be quite happy to talk to anyone with a good offer.

Some of the courses with hotels attached are the more valuable properties and Paul Collins of CBRE says there have been a number of parties expressing interest in buying Kilkea Castle and Blarney.

Irish Independent

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