Remember the craze for converting farmland into golf courses in the 1980’s? Two golf courses sold in the last few weeks offer an up-to-date perspective. One was sold for conversion back to farmland, and the other as a going concern. But at £5,000 and £10,000 per acre, which was which?
The Norfolk Golf and Country Club Golf and Leisure Complex, Reymerston, Norfolk was on the market for £1.6 million. This course opened in 1995 on 159 acres, offering an 18 hole Par 72 course. That’s about £10,000/acre.
The Mollington Grange course, near Chester, was also sold for a figure ‘in excess of’ £795,000. This course opened in 1999 on 176 acres, offering an 18 hole Par 73 course. That’s about £4,500/acre, or allowing for the estate agent’s hyperbole ‘in excess of’, probably in the region of £5,000/acre.
Both courses included club houses and other buildings; both were largely on former Grade 3 farmland (broadly free-draining sandy-loamy soils in each case).
Mollington Grange, at £5,000/acre was sold as the going concern, but Reymerston at £10,000/acre is destined to revert to farmland. Food for thought and more less than 20 years on from their loss from agriculture in the first place. Here today, gone tomorrow.
Both sales were handled by Savills: