Ring of Kerry village holiday homes scheme sale at €4.1m

A development of 24 holiday homes, bought four years ago at auction as an uncompleted development which had started construction in 2007, is now for sale, trading all-year around, earning €272,000 per year in income, and scoring an impressive 9.8 out of 10 user satisfaction rating on booking.com.

Fresh to market, and spick and span is the Lough Currane holiday homes development in Waterville, 250 metres from the sea and the promenade in the scenic Ring of Kerry village.

It comprises 24 fully completed and actively managed detached holiday homes, 14 of which are four-bedroomed, close to Lough Currane, and has planning for two further builds plus other further site development scope, says estate agent Paul Stephenson, of Sherry FitzGerald Stephenson Crean in Tralee.

He guides the entire development at €4.1m, or €170,000 per house, but is keen to sell for its investor owners as an entirety, and future owners can decide to retain all, sell some, or develop more.

That trio, Dublin-based and with varied backgrounds in creches and event management, is represented on site by co-owner and director, Simon Kelly, who now lives locally and works as the complex’s general manager.

He said they had bought it at auction in 2015, when just one of the house had been fully finished out as a show unit and they completed the remainder to the same style and standard.

While Waterville has had a huge profile and boost due to the completion of the Hogs Head golf club and lodges, Lough Currane’s business comes, in the main, from Irish families, followed by UK, European and US guests, with a strong repeat business built up over the past three years, said Mr Kelly.

And, he said the proximity of the popular Sea Lodge Hotel, which has just a small number of bedrooms but a good wedding business, encouraged Lough Currane to open all year around, with low season/low occupancy rates rising to 80%-90% during summer peaks.

Attractions locally for guests include hillwalking, fishing and angling, golf, beach activities and water sports.

Expecting investor interest and also inquiries from operators of other similar holiday home developments, estate agent Paul Stephenson describes the Lough Currane development as “very well finished but more importantly very well maintained.

It’s a market leader in Waterville and its environs and will achieve attractive rental growth in the future.

There’s current rental income of €270,000 pa, there is planning permission for a further two houses, plus an extra two acres at the GAA pitch side of the development “offers an excellent opportunity for a discerning purchaser, subject to the necessary planning permission, to increase the number of on-site houses and also possibly build an onsite caretakers house.

Details: Sherry FitzGerald Stephenson Crean 066-7180822

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