Driving two good deals

Golfers might wish their playing handicaps would drop as fast, or at least as steadily, as the asking price on the Blarney Golf Resort in Cork.

Developed back in 2004 at a cost of €25 million, then marketed at a loss-making sale price of €20m, on down to €10m and now slashed to €7m, agents CBRE now hope the downward trajectory will put it back on a buyer’s radar, especially given the scope for sell-ons of its 38 two-bed golf lodges.

The Blarney Golf Resort package includes 168 acres of land, a 61-bed hotel, a golf course designed by John Daly, and 38 two-bed rental lodges, which similar to those in Fota and other resorts, have restrictions on being used as permanent homes.

Paul Collins of CBRE describes the latest price drop as “a relaunch and a final push to secure a successful sale” for receiver Billy O’Riordan of PricewaterhouseCoopers. It’s still on offer by private treaty, and as a going concern. Mr Collins describes the product as “a world-class golf resort” on the edge of Blarney village which gets 400,000 visitors a year. He says it has potential for conference use.

The hotel has 24 ‘executive’ rooms, a bridal suite, bar, restaurant, three conference and banqueting suites, a spa and health club with 20m pool. The five-year-old course, a par 71, is Europe’s only one designed by John Daly, and is GUI affiliated with 600 members.

“While the resort continues to trade well, in line with a recently completed three-year strategic plan, the guideline price has been further reduced to reflect the feedback we’ve been getting from the market on the resort’s probable market value,” said Collins, adding at around €7m “the opportunity now exists to purchase this excellent property at a very significant discount to its original overall development cost.”

Details: CRBE 01-6185500.

MEANWHILE, also reduced in price with a renewed sales focus is a dramatically-sited 270 acres of tillage land at Ballymacus, at the mouth of Kinsale harbour. It had been earmarked for a €200m golf and leisure development to piggy-back on the international acclaim of the Old Head of Kinsale Golf Course, but development went into receivership before anything got built.

Last year there was interest in its purchase at around €4m (along with a further 100 acres at neighbouring townland Pregane) with distillery giant Grants considering it for a new distillery and visitor centre for Tullamore Dew. However, the drinks company last year decided to make that major investment and commitment to the Midlands, in keeping with Tullamore’s geographical roots.

Now, Sherry FitzGerald nationwide and its Cork and country and land divisions have joined with local agent Christy Buckley in promoting the 270 acres, primarily as farmland and on farm values only. It guides at €2.55m, says David Ashmore of Sherry FitzGerald in Dublin, which equates to about 9,500 an acre for non-residential land. Receiver appointed to the ACC-funded golf and equestrian scheme Kinsale Harbour Resort was KPMG’s Barry Donohue. The larger land parcel had been land assembled by a local consortium, headed by Seán Rainey.

Details: Sherry Fitzgerald 01-2376700/021-4273041, Christy Buckley 021-4885173.

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