Foxrock Golf Club, which is the subject of a reported €400 million offer from developers, could not be redeveloped for housing under the current Dún Laoghaire-Rathdown County Development Plan, even if club members accepted the bid.
Developers have told the club that they intend to make an formal offer for the 50-acre site on Torquay Road in south Dublin. The club, which has RTÉ sports presenter and PR consultant Bill O'Herlihy as its current president, is located in one of the most expensive residential areas of the country, and it is believed that the offer will be in the region of €400 million.
Club general manager Frank Hayes has confirmed that he has been given a verbal indication that a written offer is shortly to be made. "We have notified members that a verbal approach has been received and that in due course a written offer will be made. We cannot comment on what that offer might be because we have to wait and see what offer will be made."
Any offer would first be considered by the club's management, Mr Hayes said, before it would be put to the club's 580 members.
Any sale would, however, necessitate a change in the constitution of the club.
The identity of the property developers who intend to make the offer is not yet known. It is understood it will include an offer to build a new 18-hole course and clubhouse at another location. There would also be a substantial cash payment to Foxrock Golf Club, but it is unclear whether this might be distributed to club members in a once-off massive windfall.
Foxrock's existing nine-hole course is zoned as green space under the current development plan which lasts until 2010. Any rezoning would necessitate a variation of the plan, which would require a public consultation period and the sanction of county councillors. This would be extremely unlikely as just three weeks ago the councillors voted to strengthen protection of the county's green spaces under the development plan.
Developers could seek the rezoning of the land in the next county development plan in 2010. But any such rezoning would be controversial and likely to be opposed by many councillors.
Eugene Regan (FG), cathaoirleach of the council, said yesterday that potential purchasers would be taking a "real risk" if they were counting on rezoning. "Whether that land would ever be rezoned is open to question . . . I don't know if there's a reality to it at all."
The councillors rezoned Dún Laoghaire Golf Club in 2004 as part of the 2004-2010 development plan. The rezoning was opposed by the councillors on several occasions and was ultimately passed by just one vote. The rezoning came at a time when then minister for the environment Martin Cullen had warned councillors they had not rezoned enough land in the county for housing and told them to rezone an extra 40 hectares.
The Foxrock land would be worth in the region of €9 million to €10 million an acre at today's prices if zoned for development.
Around 30 residential units per acre could be accommodated on the site.
