Lahinch golf club in Co Clare is set to spend €6.1 million on its clubhouse redevelopment on the back of bumper green fee receipts since Covid-19.
Work is due to commence on the project next month, with the club’s chairperson John Gleeson confirming the €6.1 million spend in an update to members following the award of the main building contract.
Mr Gleeson told members the contract price “was higher than anticipated, with the total development cost of the clubhouse at €6.1 million”, which includes other related costs.
The golf club’s council was “confident that, given our existing financial resources and the borrowing of €3 million approved at the agm, we can cover the entire cost of the project”.
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In an update last December Mr Gleeson had said the anticipated spend would be over €4 million.
Members heard that the project was required as the current clubhouse, built in 1965, was “no longer fit for purpose, with many of its components reaching end-of-life stage”.
Mr Gleeson said the clubhouse council ruled out demolishing the existing building and constructing a new clubhouse due in part to the then estimated cost of €9 million.
That option was also ruled out, he explained, on the basis that if permission to demolish was granted, “the professional advice was, somewhat surprisingly, that there was a reasonable probability that we would not get permission to rebuild in the same location”.
Mr Gleeson said it was important “that we enhance the clubhouse experience as befits a world top 50 golf course, similar to what a number of our peers clubs have achieved over recent years”.
[ Bumper green fee income swings record profit for Lahinch Golf ClubOpens in new window ]
Visitors to the golf links course pay €325 in green fees from April 22nd to mid-October and 2024 income is expected to be €3.2 million.
“Our finances are in a very healthy state with in excess of €4 million held in cash and bonds, having completed payment [for] our new irrigation system which cost in excess of €2 million,” an update stated.
Mr Gleeson said that the cash of €4.28 million at the end of June includes €1.4 million in prepayments and that golf shop sales at the end of June were €682,000, ahead of projections.
“Rest assured, your club council will continue to manage the club’s finances in a very careful and prudent manner,” Mr Gleeson said.
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