Breckland Council members are set to discuss whether they should sell the Barnham Broom golf club site, an asset the district council has owned for just over 16 years.
The district council owns the 257-acre site, which primarily includes a hotel, spa and two golf courses, though the golf club business is run by a tenant who rents the land and buildings from the council.
At the meeting of the council’s Cabinet on 21 November, council members will receive a report which explains that the council has received an unsolicited offer for the site. The report states the council’s staff and specialist advisors consider the offer to be ‘worthy of serious consideration’ and members will be asked to consider whether they wish to progress with a sale.
Breckland Council has owned the Barnham Broom site since 2006 as part of a broad portfolio of around 240 investment assets, which also includes warehouses, shop buildings, and parcels of land. The council’s investments generate more than £3m in rental income each year, helping to balance the council’s budget and supporting the delivery of local services. Selling the golf club site would release funding which the council could then reinvest in other areas.
Cllr Paul Hewett, Executive Member for Assets and Contracts, commented: “The Barnham Broom asset has generated a significant and consistent stream of rental income for the council, and helped fund the delivery of local services for approaching two decades. This was the reason for which it was made – to generate income rather act as a speculative growth vehicle.
“However, all of our investment assets are potentially up for sale for the right price and having received a strong offer at a time of increasing yields in other asset classes it is absolutely right that we consider selling. This deal presents an opportunity to release funding, which we can then potentially reinvest and continue to support people right across Breckland.”
Due to commercial confidentiality further details about the proposed sale cannot be released at this time. However further information will be shared if members vote to pursue a proposed sale and this reaches completion.
The report will be made available at: https://democracy.breckland.gov.uk/ieListDocuments.aspx?CId=116&MId=4849