Posted on Wednesday 19 September 2012 by Ulster Business
The Lough Erne Resort near Enniskillen was placed into administration in May last year after Bank of Scotland (Ireland) was closed down by the Lloyds Banking Group, which then called in debts of around £25m owed by developers Castle Hume Leisure.
Commercial estate agents CBRE confirmed this morning that administrators at KPMG had instructed it to seek offers in the region of £10m for the part freehold, part leasehold interest.
The 345-acre property, located between the shorelines of Lough Erne and Castle Hume Lough, is the only 5-star golf resort in Northern Ireland, with a golf course designed by major winner Sir Nick Faldo.
The project began life when entrepreneur Jim Treacy acquired the Castle Hume Golf Course in 1999. The adjoining lands were acquired in subsequent years and work began on the Lough Erne Resort development in 2005. The Hotel and 25 Loughside Lodges – comprising 120 rooms & suites - were fully completed and opened for business in September 2007.
The first 9 holes of the signature Faldo course were open for play in 2008 and the full course opened in late 2009. The resort was completed in stages between 2007 and 2009.
CBRE said the property and facilities had been “extremely well maintained since then” and are in excellent condition throughout. The sale also includes 25 substantially completed holiday homes with planning consent is in place to develop another 18.
“This unique property boasts world class facilities including dedicated conference and banqueting space for 400 people, five excellent food and beverage outlets and the only authentic, wholly Thai Spa in the UK and Ireland.
“The complex has two championship golf courses - the Castle Hume and the signature Faldo course - two floodlit driving ranges and boasts the only Faldo Academy in Europe,” a statement said.
The resort was a former sponsor of the world’s number one golfer Rory McIlroy, which helped it gain immediate recognition in the golfing world.
“The Lough Erne Resort is being offered as a going concern and, as it is eminently brandable, it should appeal to a very broad section of the market – hoteliers, hotel and resort operators, larger international groups, golf tourism promoters and entrepreneurial investors,” said CBRE.