Two-bed bungalow goes for €800,000

THE market keeps on throwing up astonishing results, but last Friday’s auction result for a sleeping beauty of a house in Glounthaune surpassed all expectations.

Riversdale in Lackenroe, Glounthaune, Co Cork, was launched as an executors sale through Anthony O’Regan of Keane Mahony Smith and ended up making €800,000 at auction.

A two-bedroomed bungalow, only the chimney pots were evident when the agent went on site, but with two acres and a modern enough bungalow, he felt he’d make the reserve of €300,000.

There was a full room for the auction last Friday and at least 12 solicitors present when Mr O’Regan opened at €250,000 and 68 bids later the property was knocked down to solicitor Sylvester Duane, who purchased in trust.

The identity of the buyer was not disclosed.

Mr O’Regan felt there were a lots of buyers there keen to knock and rebuild on the site and even at the site cost of €800,000, would still be prepared to invest further. Judging by recent sales, he says, a total investment of €1.5 million could be justified and still see a return.