Luddington Investments Limited, most recently in the news when the second course opened in September at their development at Sherfield Oaks near Basingstoke, has acquired a 30-year FRI lease of Stonebridge Golf Centre, which is located near Meriden between Birmingham and Coventry.
Following instructions from The Packington Estate, FPDSavills went to the letting market in June to find an operator for the Centre- an 18-hole golf course, with a purpose built clubhouse/conference facilities, a 21 bay floodlit driving range with lake landing area, putting greens and adjoining undeveloped land (with planning permission for 9 holes) – which was developed in 1995 and has been operated by the Estate since that date.
After a high level of interest from various golf and leisure operators, Luddington Investments Limited was successful in taking on the business. The company, run by Roy Horton and Julian Covey, has considerable experience in both the development of golf properties and the management of leisure businesses.
Sarah Payne of FPDSavills comments, “This is a good example of an owner, having created a good property asset, being able to pass the management to a new operator in return for a guaranteed rental income stream. At Stonebridge Golf Centre, the tenant will be responsible for the day-to-day business. The structure of the lease encourages them to grow the existing business as well as develop alternative sources of revenue.”