International real estate advisor Savills has represented the administrators FRP Advisory, in the sale of Lexden Wood Golf Centre in Colchester,Essex, to a private investor. The property was marketed at a guide price of £895,000.
The 113 acre (45.7 hectare) property comprises an 18 hole golf course, floodlit golf driving range, greenkeeper’s building and golf shop. The golf operation was transferred to an experienced golf company, with the exception of the golf shop which is let to leading golf retailer American Golf under a lease which runs until 2024.
Kay Griffiths of Savills leisure team comments: “As with most of the golf courses we deal with, Lexden Wood generated high volumes of interest from potential buyers and various offers before the final sum was accepted. Due to the current economic situation we have seen a number of golf courses go into administration. Lexden Wood is well located and provides a good golf course and practice range, supported by one of the leading golf equipment retailers. I am confident that the business will thrive in the hands of its new owner, who is also an experienced golf course operator.”
The name of the purchaser has not been disclosed.
Lexden Wood Golf Centre www.lexdenwood.com