The over-development of golf courses during the property boom has led to the sale and closure of many of them over the past five years because of funding difficulties and a fall off in their usage.
Castleknock Golf Club, close to Dublin's Phoenix Park, has no such problems. It is a highly successful venture but it is still to be offered for sale on the instructions of Declan McDonald of PwC who was appointed receiver by the Ulster Bank.
Healthy position
Marcus Magnier
of
Colliers
International, who is handling the sale, says the club is in a very healthy position turning in a profit before taxation and deductions of more than 10 per cent of its €2 million turnover.
Magnier is now seeking in excess of €2.5 million for the 125-acre course and clubhouse on the edge of a solid middle class west Dublin suburb and also within 20 minutes’ drive of the city centre. The strategic location has meant that the course has continued to attract large numbers of golfers and is expected to do even better in the future with the resurgence in corporate outings. Close by the Luttrellstown golf course also continues to trade well as does the Hermitage club on the opposite side of the river Liffey.
The Castleknock course was developed by Paul Monahan in the grounds of the Somerton estate previously owned by his father, Phil Monahan, who built The Square shopping centre in Tallaght, and died in 2003. The Castleknock Hotel on the site is now owned by FBD Holidays and Resorts. More than 30 large houses were also built and sold in the Somerton grounds.
The financial success enjoyed by the club is due in part to a novel membership system which was put in place in 2010. The 456 members have been allowed to avail of a range of subscriptions; five-day flexible at €600 per annum; seven days flexible at €1,450 per year; seven days unlimited at €1,750 and junior and student membership from €295 to €895. The debit card system allows funds lodged to the account to be used for golf, bar, restaurant or pro shop. In addition, debit cards can be topped up at any time.
Commercial activity
The clubhouse is 870sq m and is cleverly designed to maximise commercial activity. The lower ground floor has a pro shop, coffee bar, offices, stores, changing rooms and toilets. The upper level accommodates the main bar, restaurant and function area with a full commercial kitchen and balcony. The par 72 course was designed and constructed by Gaunt and Marnoch, the noted golf course architects.
