GRE Capital provided a 12-month senior acquisition facility of £0.98m secured over 42.92 acres of freehold land at Playgolf Abbey Moor, Addlestone, positioned prominently at Junction 11 of the M25. The site operates as a nine-hole golf course and holds planning consent for eight padel courts.
The borrower agreed to acquire the freehold from the local authority with the existing golf operator remaining in occupation, and required certainty of funding to a fixed exchange and completion timetable. Planning consent to replace the existing driving range with eight padel courts was already in place, giving a clear route to additional revenue from day one of ownership.
GRE Capital provided a 12-month serviced acquisition facility sized against the purchase price, with the balance funded by the borrower. In-place operator income covers the majority of debt service, so the facility does not rely on the value-add programme completing to remain current. The sponsor brings a long real estate advisory background and a demonstrated record of planning led and refurbishment led value creation across the South East.
The acquisition completed to the agreed timetable, bringing a well-located Surrey freehold into the borrower’s ownership with the golf operation trading throughout. Attention has turned to regearing the occupational lease to release the driving range and delivering the eight court build out, expected to take four to six months and to add a second income stream to the site. Consent already secured and income already in place made this an easy transaction to support.