I think we will see more of this kind of thing. If you're an old city or suburban club in southern England, or anywhere else with a similar level of insane pricing for residential property, it seems like a no-brainer if you can get it permitted. There were a few in Ireland before the crash... Marc Westenborg, then with Hawtree, built a huge 27 hole complex for Dun Laoghaire GC to replace their old suburban Colt course, which they sold to a developer for a fortune. It wasn't quite to my taste, but it's hard to argue with the numbers.
As well as full scale relocations, there seems to be a small-scale trend for clubs to sell off parcels of land for development. Even a couple of houses can make a big difference to the finances of an ordinary golf club.