FOTA golf course sale gets the green light

FOTA Island’s golf course and 550 acres of land have been sold to clear the way for a €130 million development.

However, the existing FOTA course - used for the Irish Open in 2001 and 2002 - will continue to operate as usual despite the €50 million sale.

As part of the major investment programme, a second nine-hole course will be developed close by on the estate, along with a 120-bed hotel and 280 golf lodges for the holiday home market.

The sale was confirmed this week between Killeen Group Holdings, owners of FOTA Island Golf Resort since 1997 and of the Mount Juliet Estate, and purchasers Fleming Group, one of the country’s fastest growing development firms, with a turnover last year of €175 million.

The two firms jointly applied two years ago for planning permission for the proposal. Planning is secured and construction will start shortly.

No sale price or details were divulged for the massive land and course sale, but market sources say the value - given what will be developed there and planning constraints - could be higher than €50 million. The quietly negotiated FOTA sale comes just as another privately owned golf course in Cork, Harbour Point, on 110-acres at Little Island, is set to sell by tender next month.

It is likely to make well over its €10 million guide.

FOTA’s members will be told the sale won’t affect the club.

A statement issued by both parties to the sale said: “As part of the agreement, the Fleming Group will take over the management of the Golf Course Resort, which will continue to operate as normal, with the full support of the Killeen Group acting in a consultative capacity.”

Fleming Construction managing director John Fleming said FOTA was “one of the top golf course brands in Europe, and our plan is to further enhance and continue to upgrade the entire facility in the future for the benefit of members, visitors and staff”.

Killeen Group Holdings chairman Dr Tim Mahony said his company had “a very positive involvement with FOTA Island and believe our investment in the resort was timely and beneficial for all”.

The existing golf club’s liaison committee and employees were told of the sale yesterday, which was negotiated by Seamus O’Mahony, financial adviser to Fleming Group.

FOTA’s existing par 71, championship course was upgraded to European Tour standards by international golf course designers Jeff Howes Golf Design in 1998, and landed the Murphys Irish Open in 2001 and again in 2002.

Killeen Group Holdings is the holding company for Dr Tim Mahony’s businesses, including Irish franchises for Toyota and Lexus as well as Kilkenny’s Mount Juliet Estate.