Nama sale of 30-acre West Cork land goes to tender

Due up for sale by tender on Sept 19, this 30-acre parcel of land at Galley Head, West Cork, should entice all and sundry.

The property is being sold on behalf of Nama, and is believed to form part of a large portfolio of property amassed by Joe O’Donovan, who snapped up a number of disparate properties, big and small, during the property boom.

Not least of these was the Wilton Shopping centre, (purchased in tandem with fellow West Cork man Greg Coughlan of Howard Holdings) and the Capitol cinema site accumulation — a city centre collection of buildings that’s now become a major eyesore.

The land for sale is near the extremity of the Galley Head headland, and includes the remains of a former coast guard station and a rocket signalling station — dwellings which may see a new owner achieve permission for a residential or even, tourism-related build on this high impact site.

The land is for sale through joint agents Casey and Kingston and DTZ Sherry FitzGerald, and is expected to make in excess of €300,000. Whether the buyer will be a farmer is moot, but the land does come within the present going rate per acre, and the location may suit neighbouring or adjoining farmers.

It’s being sold without being subject to planning, so non-farmer buyers will pay their money and take their chances, so to speak.

The tender system will, of course, preserve the anonymity of the buyer, and will also help to shroud the eventual purchase price — all part of the sub rosa approach we’ve come to expect with Nama sales. The properties are to be sold by a ‘Best Bids’ process, according to the joint agents.


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