The Courier & Advertiser (Angus and Dundee)
Funding finally in place for £70 million ‘world-class’ golf resort in Angus.
CLASS: Funding is now in place following a transatlantic tie-up
The man behind a £70 million “world class” golf resort in Angus says funding is finally in place following a transatlantic tie-up.
And Mike Forbes is making a lastditch plea to council bosses to help him get the deal over the line.
The championship course has been designed by former European Ryder Cup captain and 2011 Open winner Darren Clarke.
The proposed development was given the green light back way back in 2010.
However, the course, on land next to the Forbes of Kingennie estate, near Wellbank, has so far failed to break turf.
In 2016 Mr Forbes was given a fiveyear time extension to build the fivestar golf development, known as The Angus, following a struggle to find the right investment partner, despite two bids from China.
The arrangement gave him two more years to secure a partner and a further three years to settle planning.
The Kohler Group, which owns the Old Course Hotel and Hamilton Place in St Andrews, was in talks but pulled out because The Angus is not a links course.
However, connections were also made in America and Mr Forbes has revealed a “full blown final unconditional agreement” is now in place with New York-based First Capital Real Estate.
The businessman said a contract had been signed by both parties but he is now seeking a further extension to his planning agreement, due to run out at the end of April.
The move would give them time to assemble a design team, prepare and submit all of the required information.
The process from introduction to unconditional agreement has taken nearly two years, during which it has emerged that Angus Council and Scottish Development “both contributed considerable finances towards flights, travels and communications”.
The business case submitted with the original application indicated that the overall development was likely to generate £19.2 million in total revenue and create additional direct tourism expenditure to the Angus economy of £10m per annum.