(Pictured: The Waterfront G&CC)
The Waterfront G&CC and The Westlake G&CC, properties in the Smith Mountain Lake region near Roanake, Va., have been listed for sale by The Willard Companies for $3.2 million and $1 million, respectively. They can also be bundled with a third Willard property, The Water’s Edge Country Club, for a total of $12.1 million. The sale is not prompted by membership issues; The Waterfront added 130 members in 2018, according to Willard.
The Willard Companies has put two of its club properties in the Smith Mountain Lake region near Roanoke, Va. up for sale, The Roanoke Times reported.
The Waterfront Golf and Country Club and The Westlake Golf and Country Club were listed with Hilda W. Allen Real Estate Inc., which specializes in the sale of clubs and golf courses, The Times reported. They are listed at $3.2 million and $1 million, respectively, said Vice President Ron Willard II.
The Waterfront, located in Moneta, Va. is a 750-acre community with a 22,000-sq.-ft. clubhouse, swimming pool, tennis courts and 18-hole golf course.
The Westlake, in Hardy, Va., changed from a semi-private to a public golf course in 2015 (https://clubandresortbusiness.com/westlake-gcc-prepares-go-public/). There’s also a restaurant and swimming pool on site, along with banquet facilities.
The company decided to list the properties when a potential buyer for The Water’s Edge in Penhook, Va., another Willard project that was put up for sale in 2015, also expressed interest in them, Willard said.
The price of The Water’s Edge has dropped drastically since it was first listed in 2015 at $25 million, The Times reported. The younger Willard said that’s partly due to the fact that a private estate included in the initial listing will be sold separately; it is now under contract.
Willard said the country club and golf course are now listed at $7.9 million. “That’s based on the earnings of the club and what the market and industry will bear,” he said.
The Water’s Edge is a 712-acre community with a 36,000-sq,-ft. clubhouse, swimming pool, tennis courts, chapel, equestrian center and 18-hole golf course.
Though some country clubs have struggled to retain members, that’s not been the case at The Waterfront or The Water’s Edge. Willard told The Times. The Waterfront, which has 410 members, added 130 last year, and membership at The Water’s Edge has held steady and “been pretty rock solid.”
The three Willard properties—The Water’s Edge, The Waterfront and The Westlake—could be sold individually or separately, The Times reported. Together, they would cost $12.1 million.
A letter was sent to club members at The Waterfront to inform them of the sale and give them an opportunity to express interest in purchasing it, The Times reported, and meetings for interested buyers will be held on February 18 and 19, according to Willard.
The Willard Companies would also offer its management services to any potential buyer, Willard added.
Once the country clubs and golf courses are sold, the only major property owned and operated by The Willard Companies will be the Westlake Towne Center, a retail and office complex in Hardy, Va. that serves the Smith Mountain Lake area, The Times reported. Willard said the company also owns miscellaneous lots in various communities.
Ron Willard Sr., a Franklin County (Va.) native, started his construction company in the 1970s and has been a leader in the development of Smith Mountain Lake, The Times reported. The Waterfront was the area’s first country-club community.
The elder Willard has indicated he is looking toward retirement, The Times reported.
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