U+I purchases Arkley Golf Club and is granted planning at Newtown Works, Ashford U+I has completed the acquisition of Arkley Golf Club for £300k, in line with its golf course strategy. It will take on the day to day running of this well-established Club in Barnet, Herts.
Matthew Weiner, CEO of U+I said: “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.”
U+I, in partnership with Quinn Estates, has also secured a resolution to grant planning at Newtown Works in Ashford, subject to the signing of a Section 106 agreement and the standard six week procedural and judicial process. The plans will transform the site, which includes a Grade II* Victorian engine works, and a variety of other listed buildings, into a vibrant mixed-use scheme, delivering considerable film and studio floorspace, 300 homes, offices, a 120 bed hotel and a 383 space multi-storey car park.
Gains for this project had been targeted in FY2020 but the General Election and then Covid-19 delayed the planning committee meeting until now. U+I is in discussions on the sale of the residential and commercial components and believes values to be in line with previous guidance on this project.
Weiner said: “In spite of continued external challenges, we are continuing to make progress as a business. 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.”