Ahh, it could be just the ownership of the leasing rights. If so then you would not run the course but just lease it to the club who probably are the long term tenant. In that case a return of 6% would be good making a yearly rent of about £60K for the million pounds.
That's what I mean; £60k pa sounds like an unsustainably large rent for a members club in that area where membership rates and green fees are amongst the lowest in the Briitish Isles.
Northenden in administration, WOW 
. How did they end up there? Solid course and good membership as I remember it though it has been over 20 years.
Jon
I don't want to say too much because it is a subject of much local gossip and I keep hearing conflicting stories. Th crux of it seems to be however, that they embarked on a hugely expensive programme of course improvements back in 2005 including 18 new USGA greens.
The bank financed the work to the tune of half a million quid and now they want it back!
On the bright side, the course is utterly unsuitable for any other use, forming the flood plain of the River Mersey. I expect to see a pre-pack deal done via an insolvency practioner, a new company rise from the ashes with minimal debt, and the bank royally shafted!
Northenden's story tends to confirm my suspicions about Prestatyn. If a 'wealthy' club like Northenden stuggles to pay back half a million quid over ten years, how on earth is a relative pauper like Prestatyn going to to pay a rent of £60k pa?