The cynics who argue that it is hard to find good value in the commercial property market since the big US investor corporations arrived on the scene should take a close look at the Heritage Golf Resort which has just been sold in the Co Laois village of Killanard.

A small consortium of local and overseas golfers have snatched up the prestigious complex for just over €2 million – the guide price set by selling agent Marcus Magnier of Colliers International when he first offered it for sale last October along with Hume Auctioneers.

By now the new owners will probably have realised that they are getting control of an awful lot of property for what seems a knockdown price – a mere 10 per cent of the €20 million-plus valuation put on the golf course during the property bubble. The 225-acre estate includes the 18-hole Seve Ballesteros golf course complete with five lakes; a separate par three golf course; a massive three-storey clubhouse extending to 3,344sq m (36,000 sq ft) with a range of kitchens, restaurants, bars, shops and lifts; a 2,043sq m (22,000sq ft) exhibition hall and bowling green; a purpose-built golf academy extending to 3,000sq m (3,230sq ft); a driving range; a floodlit exercise track around the entire golf course and a separate Thatch bar and bistro which can cater for up to 120 people. Sounds like a lot of bang for their buck.

Though negotiations on the sale of the golf course had been dragging on for weeks with a number of potential buyers, the deal was smartly wrapped up within days of the announcement that the adjoining Heritage Hotel was also for sale through a different agent, John Hughes of CBRE. A price of €5.5 million is being sought for the five-star hotel which has 97 bedrooms and a thriving restaurant business. Might the new owners of the golf course also bid for the popular 10-year old hotel? Watch this space.