Agent tight-lipped on big Kinsale land sale
The deal on the Mercy Order’s land on the outskirts of Kinsale (but crucially, within the development boundary), is done and dusted, but the rule of omerta applies when it comes to information on the sale details.
Hodnett Forde Auctioneers are tight-lipped, and would only confirm the sale of the property, which initially went up for auction on Oct 5 last.
Auctioneer John Hodnett withdrew the property at an impressive per acre price of €16,600, on the presumption that the land was worth more — a lot more.
He quoted €20,000 to €30,000 per acre initially, and it’s likely the land made close enough to, or more than the lower figure — although no indication of the sale values has been given.
Rumours abound, however, and the consensus is the land sold well, to a buyer out of left field, who’s local but located overseas.
This would indicate a long term development/investment play, perhaps, and with the town’s location, that’s to be expected.
It may also be a good indication of the tide turning when it comes to land purchases — although zoning and location makes this a very extreme example.
At the launch of the property on the market, Mr Hodnett remarked that the Compass Hill lands were a “blue moon sale”. “This is an opportunity that will never arise again, the land is practically in the centre of Kinsale town,” he said, “It enjoys magnificent views over Kinsale harbour and the Bandon river estuary.”
All that remains is for the new owner to lease out the land, perhaps, pending future plans.
The Compass Hill sale follows the sale of 115 acres, by the same owners and same auctioneers, at Ballindeasig, Nohoval, which realised €1.55m, or €13,478 per acre. It’s likely the receipts of these Mercy Order land sales will go towards redress for victims of institutional abuse..
