Precious parcel of land sold for €20m
Thirty-nine acres, owned by the Arthur family, have been purchased in trust on behalf of a Cork developer by a Cork firm of solicitors.
Zoned residential, the land is close to the town centre and some of it overlooks the scenic Kenmare River.
Killarney-based auctioneer Tom Spillane, who conducted the sale at public auction, said it was a hugely significant sale.
"There was a lot of interest in this property. It's probably the biggest land sale for a provincial town in Kerry, if not in Munster," he remarked.
"This is a strategic sale and it really opens up the town for major development and population growth."
When first put on the market a few months ago, the land, being sold by brothers Patrick, Joseph and John Arthur, was expected to realise around 1m, but prior to the auction the projected figure had gone up to about €15m.
With up to five interested parties, bidding started at 1m and it quickly went to €16.5m, rising by €500,000 each time. When bids reached €18.5m, there were breaks for consultations and, eventually, two remaining bidders pushed the final price to €19.4m.
The Arthur brothers had used the land for agriculture purposes. A timber storage shed for their sawmill business, which closed down in recent years, was also located on the site.
The land is zoned for high, medium and low density housing under the Kenmare Local Area Plan, adopted by Kerry County Council in May 2004.
Low density would allow up to five houses per acre while high density would allow 10 plus houses per acre.
Access to the land is obtained by three points Bell Height, Market Street and the Pier Road.
The sale frees up one side of Kenmare for development, which is expected to carried out on a phased basis in the coming years.
Kenmare Chamber of Commerce described the sale of the Arthur land as a 'very exciting prospect' for the town, adding that the town had the capacity to absorb such large-scale development if it is done on a gradual basis.
Property in Kenmare is already very expensive, with standard family homes fetching between €300,000 and €400,000.
Also, according to the American-published Fortune magazine, laid-back Kenmare is among the top places in the world to retire.
