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21/09/2007

Capel Developments Offers €80m For Golf Club

A development company has offered Clontarf Golf Club €80 million to buy their land, which could result in members of the exclusive club receiving €100,000 each as part of the buy-out.

Capel Developments has offered the cash to buy the land, and has offered to move the club to Portmarnock Links golf course, which it owns.

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It has also offered to provide a 28,000 square foot, two-storey, fully equipped clubhouse at Portmarnock as well as a driving range, short game practice area and putting facilities.

It was revealed in the Irish Independent that of the €80m, €60m will go directly to the 600 members for club funds, should Clontarf move to the Portmarnock course.

Capel Developments, a leading property development company, previously bought Portmarnock Hotel and Golf Links in 2005 for over €70m.

(JM)

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