Golf course land goes up for sale
SECKFORD golf course near Woodbridge is up for sale, with a price tag of nearly �500,000.
The freehold investment property, involving 87 acres of land let under ground leases to an established golf business, is being offered for sale at a guide price of �495,000 through agent Savills.
Ellis Auger, who is handlng the sale at Savills, said: “We are expecting a great deal of interest. Marketing begins with the EADT today and the nationals at the weekend.
“It is being marketed at an attractive price and not many opportunities like this come on to the market.
“There are long leases, established tenants and members.”
You may also want to watch:
Originally farmland, the business opened as a nine-hole golf course in 1991 and expanded to 18 holes shortly after.
The freehold interest is offered for sale, subject to two concurrent leases with 30 years unexpired and a tenant’s option to renew.
- 1 Postman who abandoned 'undriveable' van wins unfair dismissal claim
- 2 Caravans pitch up at Felixstowe park
- 3 Jack Whitehall praises award-winning Suffolk gastropub after visit
- 4 Former Ipswich Town boss Keane as you've never seen him before
- 5 A14 and A12 set for major upgrade work
- 6 Coronavirus 'growth rate' rises further in East Anglia
- 7 Busy high street taped off by police
- 8 Town face competition from Championship club for Rotherham midfielder Crooks
- 9 Glass found in popular paddling pool forcing it to close
The leases produce a combined ground rent of �32,146 per annum, with three yearly reviews and a minimum Retail Prices Index increase.
Joint receivers were appointed under the Law of Property Act in July this year to manage the disposal of the freehold interest.
“There has been little opportunity to gauge the strength of the golf investment market in recent years. However, the security offered by the ground leases and incumbent tenant covenant strength, underpin its attractiveness,” added Ellis Auger.
“The guide price reflects both a genuine intention to sell and the attractiveness of this form of secure leisure investment. With many commercial investments offering very much shorter leases, the long term index-linked income at Seckford increases its desirability.”
Purchasers have until noon on December 14 to submit bids.