DEVENS, Mass – What a strange year its been in the golf industry. For the first four months of 2020 it looked like every aspect of the industry would be facing the worst economic slowdown ever, then in May golf courses and tee sheets were maxed-out with players eager to spend quality time participating in a recreational activity that is safe, affordable, healthy and fun.
Who would have thought that private clubs would see a bonaza of new members? And, that public golf courses are in the midst of record profits, with popular facilities pushing out over 300 golfers on any given Friday, Saturday or Sunday. There is a serious money grab going on and golf course owners, including municipals, are complaining all the way to the bank.
Three upscale public facilities are fetching over $100 per round for weekend play – Pinehills ($135.) and Granite Links GC ($150) and Waverly Oaks GC ($110). Butter Brook Golf Club, a public course located in central Massachusetts, is collecting $88 from players who tee it up Friday, Saturday or Sunday, and they boast of pushing out 335 golfers on a good day. If you do the math, that’s over $25,000 deposited into the bank account. It wouldn’t be a problem to pay the going rate for a course in decent shape, but in early August the Butter Brook greens were beat to smithereens with ball marks and they looked like dart boards, and the fairways showed divots everywhere. Sadly, too much play has ruined the place!
So, who wants to get into the golf business?
If you’re able to put your money where your mouth is, there are opportunities available to own or lease golf courses. The most recent to hit the market is Red Tail Golf Club – an 18-hole, 7,000-yard, par 72 layout designed by Brian Silva in 2002, located about 50 miles west of Boston. The 5,000 sq. ft. clubhouse features a wrap-around porch overlooking the 18th hole.
The property was listed this week by Rob Waldron, of Leisure Investment Property Group. For the asking price of $6 million, you can acquire the leasehold interest in Red Tail Golf Club, with 42 years remaining on the ground lease with Mass Development, a quasi-public state agency.
The course opened to rave reviews during the golf boom of the early-mid 2000s, and hosted the U.S.G.A’s 2009 Women’s Amateur Public Links Championship, as well as several local and regional tournaments. At one time Red Tail was ranked in the top-50 Public Golf Courses in America and a regional golf publication ranked it No. 1 public golf course in Massachusetts from 2009-2013.
Red Tail is named after the Red Tail Hawks that soar above the golf course, while the expansive, rolling landscape offers classic New England golf with maple trees, birches, oaks, and pines. Theres plenty of tall grass and sand along the fairways and greens, and it features an interesting mix of risk-reward opportunities and link-style touches throughout. Its no surprise that this scenic and challenging course is one of the most popular in New England, and yes, they too have broken the $100 green fee barrier for weekend rates.
A recent review from Golf Advisor found this unedited player review:
“By far one of the best layouts in the state of Massachusetts. From everyone in the pro shop, the starter, and the Rangers, everyone who works there is very friendly and pleasant. Greens are always in good shape.
Based on my experience yesterday though, there were far too many (deep) divots in the fairway that had not been repaired or replaced. My bigger gripe was an 18 hole round that took five hours and five minutes to complete. The Ranger was doing his best, but clearly couldn’t keep the group in front of us moving along as there were 1-2 holes open in front of these guys all day. The whipped cream on the “slow play sundae” was when they took 25 minutes to complete the 18th hole…which was a joke.
Even with that, I love Red Tail and will be back because it’s a first class golf course.”
Property Summary
Red Tail Golf Club is recognized as one of the premier daily fee golf courses in New England. Since opening in 2002, the Club has provided a “Member for a day” golf experience and course conditioning typically reserved for members of private country clubs. The acquisition of the leasehold interest in Red Tail Golf Club offers a sound investment opportunity, delivering:
* Award Winning Trophy Caliber Golf Course Asset
* Turnkey Operation
* Consistent History of Profitability
* Outstanding Course Conditioning
* Readily Financeable
* Very High “Pride of Ownership” Quotient
Investment Highlights
* Recreational Centerpiece of the Devens, MA Planned Residential / Business Community
* Ground Lease with MassDevelopment, a Quasi-Public State Agency has Forty-two Years Remaining
* No Real Estate Tax Liability
* Three Year Average: Revenue – $2.85M, EBITDA – $725K
* Revenue Mix: 80% Golf & 20% F&B
* Operating Margins Exceed 25% Annually
* 7,500 SF Maintenance Facility
* Maintenance Equipment Included with Sale
* Readily Accessible from Boston, Worcester, and Southern New Hampshire (Nashua / Manchester) Metro Markets
RED TAIL GOLF CLUB
DEVENS, MA
$6,000,000
(For more information & serious inquiries about this property contact Tom at teetalk@aol.com)
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