Vilamoura Golf Course portfolio is For Sale
Story published at 14:35, Friday, June 19th, 2015
Page last updated at 4:46 pm, Saturday, June 20th, 2015
International real estate advisor Savills has been appointed by Oceanico Golf to sell the Vilamoura Golf Course portfolio in Portugal. The asking price is said to be in excess of €45m.
The portfolio comprises five championship courses, including the Oceânico Victoria (host to the World Cup of Golf in 2005 and the Portugal Masters since 2007), Oceânico Old Course (awarded number one course in Portugal by Today’s Golfer Travel Awards 2012 & 2014), Oceânico Pinhal, Oceânico Laguna and Oceânico Millennium.
Each one has its own unique characteristics, ranging from the mature tree lined fairways of the Old Course to the open, coastal features of the Arnold Palmer designed Victoria.
All of the courses have been designed by internationally recognised golf architects, constructed and maintained to a high standard, and benefit from clubhouse facilities of commensurate quality. The five 18 hole courses range in length from 6,121 metres, par 72 to 6,251 metres par 72, occupying an overall area extending to approximately 850 acres (344 hectares).
On the Old Course the existing clubhouse and adjoining office have permission for redevelopment to provide a new building of 13,020 sq m (140,147 sq ft) which would accommodate new clubhouse facilities together with 126 holiday apartments.
In addition to the golf portfolio, there is a further beachfront development site on the edge of Vilamoura, close to the golf courses, which is available as a separate lot, or for development in conjunction with the golf courses. This 34,158 sq m (367,677 sq ft) site has permission for development of 166 apartments with central leisure facilities overlooking the beach.
Ian Simpson, director of leisure at Savills, comments: “This is one of the largest and most prestigious golf course portfolios in Europe. It is a highly profitable business, and offers further potential through the Old Course and Beachfront development sites, which will enable a purchaser to exploit the synergy between the golf courses and holiday apartment sales or lettings.”
Chris Howell, Oceanico Group Chairman, adds: “The Vilamoura golf portfolio continues to deliver year on year growth. The Oceanico Board have decided to sell the portfolio, as they consider that the strengthening economy will enable the value of this exceptional business and the associated development opportunities it offers to be properly recognized. Our objective is to achieve an orderly sale by the end of 2015.”
For further information, please contact Ian Simpson, Savills, ISimpson@savills.com