London property developer on course with new site acquisition for £1.4bn golf club strategy

A London property developer has announced the acquisition of a golf club for a five figure sum.

U+I, which specialises in regeneration, has invested £0.3m in the acquisition of Arkley Golf Club as part of its golf club strategy.

The company now owns six current or former golf courses with a combined gross development value of £1.4bn, £80m of which the company is aiming to earn in the next eight years.

U+I also announced today that it has secured resolution to grant planning at Newton Works in Ashford, meaning that the site will be transformed from a variety of listed buildings into 300 new homes and offices.

Matthew Weiner, CEO of U+I, commented: “In spite of continued external challenges, we are continuing to make progress as a business.

“The strategic acquisition of Arkley Golf Club secures its future, allowing the club to stay open for the local community, whilst enabling U+I to strengthen its golf course portfolio.

“We are very cognisant of preserving cash in the current climate.

“However, the board will continue to review acquisitions like this one on a case by case basis where it believes they will strengthen U+I’s portfolio and have the potential for longer-term value creation.

“Securing resolution to grant planning at Newtown Works is a key milestone, as significant planning delays had halted our progress in bringing forward this site, full of character and heritage.

“Importantly, when completed, the scheme will deliver much needed homes, film studio space, offices, a hotel and parking to the Ashford community.”