CB Richard Ellis/New England announced that it has been hired to secure a joint venture partner or new sponsor for Turner Hill, a nationally acclaimed championship golf course and luxury residential community located in Ipswich,
Mass. Turner Hill Preservation Associates LLC, the current owner, hired CB Richard Ellis to restructure or recapitalize the partnership in order to realize the successful completion of the development.
Set amidst the landscape of the former Rice estate in Ipswich, Turner Hill is a one-of-a-kind, master-planned, 311-acre development that captures elements of the best land planning techniques to preserve open space and incorporate the historic landmarks of this property into an award winning design. In fact, Travel + Leisure Golf magazine named Turner Hill "One of America's Top 100 Golf Communities" in 2006 and "One of America's Ten Best New Private Golf Courses" in 2005. In addition, Best of Northeast Golf magazine also recognized Turner Hill as "Best New Course", "Best New Clubhouse Design" and "Best Northeast Golf Real Estate."
The golf course design (Hurdzan-Fry) is matched by the architecture that blends the historic Elizabethan style with modern facilities and amenities. This is true of the golf clubhouse as well as the grand mansion, which stands as the centerpiece to the development. Completed in 1903, the Elizabethan-style mansion represents tremendous upside potential for developers and owners of the golf course. Potential uses that will enhance the golf course operations include a boutique hotel, club residences, condominiums and function space for group business.
Turner Hill is currently approved for 182 units of resident housing, comprised of a mix of single-family detached cottages, duplex town homes and mansion (one-level living) residences. There are 158 units remaining to be built and sold along with additional expansion opportunities. The development is concentrated just to the north and east of the mansion, taking advantage of the spectacular views of both the golf course and the pristine landscape. Virtually the entire infrastructure is complete.
"Whether it is the completion of the mansion into a boutique hotel, club residences, condominiums or function hall, there is tremendous opportunity to add value and expand on the outstanding foundation that has already been laid," says Chris Duprey, project executive for Turner Hill.
Members of the CB Richard Ellis team marketing Turner Hill include: Biria St. John, first vice president/partner and Simon Butler, senior vice president/partner of the Northeast Multi-Housing Group (Massachusetts); and Jeff Woolson, managing director/senior vice president and Z. Gordon Davidson, senior associate, both of CBRE's Golf and Resort Properties Group (California).
"We are excited about presenting this opportunity to the market," says St. John. "Turner Hill is a truly unique asset that with the right team and capitalization structure offers tremendous upside potential. Other opportunities also exist to expand the development beyond what is already permitted."
Turner Hill is located in the southwest corner of Ipswich, which is 28 miles north of Boston and 37 miles from Portsmouth, N.H. One of the most picturesque towns in the Commonwealth, Ipswich also has an abundance of recreational amenities both in-town and nearby, including Willowdale State Forest, Bradley Palmer State Park, and Castle Hill and Crane Beach. Ipswich offers residents proximity to I-95, US Route 1 and direct commuter rail access into downtown Boston, making Turner Hill a commuter-friendly community.
For more information, visit www.cbre.com.