Blarney Golf Resort on the market for €2.5m
ONE of the most prominent golf resorts in the country has been put up for sale with a dramatically reduced price tag of €2.5m.
Tom Barrett of Savills has been appointed to sell the Blarney Golf Resort in Blarney, Co Cork, on behalf of the receiver Billy O'Riordan of Pricewaterhouse Coopers.
The 168-acre property making up the golf course and a four star hotel is located a short distance from Blarney and close to Cork City.
The hotel, which opened in December 2005, comprises of 61 bedrooms, a bar, restaurant, and conference and banqueting facilities.
It was built at a cost of some €30m but fell into receivership after AIB looked to reclaim the loans it had made to develop the property and was originally put up for sale with an asking price of €7m in May 2012.
By September of that year the hotel had its price slashed to €3.9m but still no credible offers had appeared.
The main function room can cater for up to 200 people. It has a fully-equipped leisure centre which features a 20-metre pool, kiddies pool, sauna, steam room, Jacuzzi and gym, which currently has approximately 700 members.
A children's play area meanwhile was recently added to the property.
The championship 6,712 yard, par 71 Golf Course was designed by wayward star golfer John Daly and is presented in "fantastic" condition. The John Daly Suite in the clubhouse offers what Savills describe as "wonderful views over the golf course and tranquil rural setting making it an ideal wedding venue for up to 250 people".
The golf club currently has approximately 350 members and is seen as a valuable attraction for hotel guests. The stand-alone two-storey clubhouse provides "first class" facilities with men's and women's locker rooms complete with saunas.
The hotel sector in Ireland as a whole enjoyed much improved trading conditions last year largely driven by an increase in visitor numbers and a resurgent Irish brand. Trending.ie reported average revenue per room growth for Cork up 10pc to €69 in 2013.
Cork remains one of the most popular destinations both nationally and internationally due to the increased number of events held in the city and long standing attractions of the region such as Blarney Castle.
According to Mr Barrett, "Blarney Golf Resort presents a significant opportunity to acquire a trading hotel with huge growth potential.
"The quantum and quality of the property relative to the guide price creates an interesting proposition. This is an excellent opportunity for both owner operators and investors," he added.