The Commercial Property team at HWP.ie estate agents stumbled across an interesting article in the Irish Times recently.
US fund behind purchase of 125-acre golf course which was put into receivership by Ulster Bank.
The profitable Castleknock Golf Club close to the Phoenix Park in Dublin has been sold for nearly 80 per cent over its guide price.
Receivers PwC have signed a contract to sell the clubhouse and the 125-acre course to Tio plc, a regulated fund in Ireland which is managed by the Los Angeles-based Oaktree Capital Management. There was no comment yesterday from Oaktree.
The new owners are believed to have paid close to €4.5 million for the popular golf facility, well ahead of the €2.5 million-plus sought by selling agent Marcus Magnier of Colliers International.
Separately, Oaktree along with Nama and the Westmeath-based Bennett Group are preparing a planning application for the development of 50,000sq m (538,195sq ft) of commercial space in the south docklands.
Although the Castleknock course is located in the Liffey Valley Conservation Area, it is understood that there may be scope to develop about three acres of the grounds for housing.
Most of this area is currently used as a driving range alongside an infill development of more than 30 large houses which were built by a previous owner, the late Phil Monahan. His son, Paul, developed and operated the golf course until it was put into receivership by the Ulster Bank.
Castleknock’s convenience to the city centre has allowed it to attract an ever increasing number of golfers despite stiff competition from two other local clubs, Luttrellstown, which is close by and the Hermitage on the opposite side of the river Liffey. The Castleknock Hotel beside the golf course is owned by FBD Holidays and Resorts.
The financial success of the club is attributed in part to a novel membership system which was put in place in 2010. The 456 members can avail of a range of annual subscriptions which include a five-day flexible option at €600; a seven-day flexible option at €1,450; seven days unlimited at €1,750, and junior and student membership from €295 to €895.
A debit card system allows funds lodged to a member’s account to be used for golf, bar, restaurant or pro shop.
The clubhouse extends to 870sq m over two floors.
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