Strutt & Parker’s Leisure and Hotel Department has sold the Ealing Golf Driving Range on behalf of the private owners for approximately £2 million. The range occupies one of the best sites in the UK with high visibility from the busy A40 in West London.
The site extends to about 9 acres and was developed in 1965. It has 36 covered bays with floodlighting which has recently been upgraded. The site is held on a long lease from Ealing Borough Council with 34 years remaining at an annual ground rent that was reviewed in June 2004.
The business, excluding the shop and teaching income which was let to a third party, generated sales of over £550,000 in 2003. The owners had run the business for 20 years and wished to cut back on their business commitments.
Charles Greville-Heygate, the Strutt & Parker partner handing the sale, said, “Very few well-located, profitable driving ranges have been sold recently so this was always going to be an interesting sale. As expected, it generated a large number of site inspections and these resulted in a high percentage of offers over a wide range of prices.
“The successful buyer is a new entrant to the market. The final price agreed was close to the guide price of £2 million. There were a number of disappointed under-bidders who are still looking for a suitable range to acquire so any range owners considering a sale should contact us.” email@example.com
Strutt & Parker www.struttandparker.com