Holiday homes at bargain rate

WEST CORK holiday homes for €100,000 each? What’s the catch? Well, you have to buy 14 of them, that’s about it.

Fourteen fully furnished, holiday homes across the road from Glengarriff Golf Club on the Ring of Beara are being offered for sale as a single lot, with a €1.4 million price guide all-in, pitched at investors and holiday home operators.

The cut-price offer, down 70% from an earlier secured sales price of over €320,000 each (nine have been sold privately), comes as a result of a receivership appointment, and all 14 are said to be ready to move into, and finished to Bord Failte four-star standards, with €20,000 worth of furniture and fit-out in place in each.

They have 100% capital allowances and auctioneer Michael Coghlan of Sherry FitzGerald Coghlan notes that for investors the net cost after 10 years will be just around €700,000 for the 14 homes. They range between 1,100 and 1,300 sq ft.

He says they’d suit an investor, who might be able to rent out the bulk of them, make use of the tax breaks and perhaps have an option to sell a small few other ones individually.