Saturday 16 December 2017

Market gets in the swing as deals are agreed for two golf courses

Palmerstown Demesne Golf course,
developed by Jim Mansfield, is believed to be sale agreed
Palmerstown Demesne Golf course, developed by Jim Mansfield, is believed to be sale agreed
As is Glenlo Abbey Hotel and Golf Course in Galway, which had a €4m asking price
Kilkea Castle in Co Kildare went sale agreed some months ago

Donal Buckley

Increased interest in Irish golf is hotting up and not just in terms of the international players. In the weeks surrounding the Irish Open Golf Championship it is expected that two high-profile golf complexes may be sold.

A deal is believed to have been agreed on the sale of Palmerstown Demesne Golf Course in Co Kildare, which was developed by Jim Mansfield.

Agent Robert Ganly of Ganly Walters, who had been seeking offers over €12m for the championship golf course and extensive agricultural lands, declined to comment.

Located near Naas in Co Kildare, it comprises 688.88 acres of which 393 acres are agricultural lands while 12 acres are considered to have future development potential due to their high-profile position at Junction 8 on the N7.

Meanwhile, in Galway, a sale is also understood to be agreed for the five-star Glenlo Abbey Hotel and Golf Course near the city.

Agents CBRE also declined to be drawn on the details but they had been asking €4m for the 46-bedroom hotel with its nine-hole parkland golf course on a 140-acre site overlooking Lough Corrib. It also has a nine-bay driving range, and the club is registered with the Golfing Union of Ireland.

Dermot Curtin of agents CBRE said it had potential to increase both local golf memberships and attract more international players.

The deals come during a few weeks when Irish golf resorts will be in the spotlight as the G8 summit of world leaders is about to take place in the Lough Erne Golf resort in Co Fermanagh, for which CBRE are quoting a £10m sterling (€11.8m) guide price.

The Palmerstown and Glenlo deals will combine to lift the spirits of the receivers and liquidators who have been trying to sell golf courses around the country for a number of years.

Mr Curtin said that the Blarney Hotel and Golf resort near Cork City has also attracted strong interest in recent weeks. It was guiding €10m two years ago but is now priced in the region of €4m.

CBRE went sale-agreed some months ago on Kilkea Castle, Co Kildare,at a price believed to be below its €6m. asking price. In 2010 before CBRE became involved it had a €16m asking price.

Sitting on 140 acres, the sale includes its 18-hole golf course and clubhouse as well as 27 of the 33 lodges. With its scenic castle backdrop, the hotel catered for up to 160 weddings a year at its peak, attracting business from Dublin as well as the nearby towns of Castledermot, Athy and Carlow.

It is being sold on the instructions of receiver Jim Hamilton of BDO who was also recently confirmed as the liquidator at Ballykisteen Golf complex in Limerick Junction, Co Tipperary. It is one of a number of golf complexes in the hands of insolvency experts which are also expected to come to the market at some stage in the future.

Yet another which is expected to come to the market is Moyvalley golf course in Co Kildare to which Padraic Monaghan of KPMG was appointed receiver. He is also receiver to a sister course, New Forest near Tyrellspass, Co Westmeath, a 291-acre property for which CBRE is quoting €1.25m. Both were developed by Alastair Jackson.

Other golf complexes on the market include Fota Golf Resort in Cork as well as Turvey in Donabate, north Co Dublin.

Agents Savills have cut the asking price on the 145-acre Turvey Golf course from €2.2m to around €1.3m after a sale-agreed deal fell through. The agents believe that developers may be interested in a 30-acre section of the course near the seaside town which may have potential for leisure usage.

Meanwhile, the latest golf complex to come to the market is Knockally House near Kilcock, Co Kildare a, 120-acre property with a period house and six other houses for which agents HT Meagher O'Reilly are guiding €800,000 on the instructions of the receiver Tom Kavanagh of Kavanaghfennell.

Irish Independent

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