Lands of opportunity

World-renowned Irish trophy property, Adare Manor Hotel and Golf Resort, on 766 acres in Co Limerick, has gone to market this week for a price of €25-27m, via agents CBRE, acting for vendor and owner, US-based Tom Kane, who has redeveloped it over the past 27 years.

Adare is one of the country’s top holiday and golf bases, on a par with Ashford Castle and Parknasilla reputationally, and is expected to attract international interest.

CBRE yesterday said that, contrary to media reports, the sale was not on Nama instructions, but on the behest of the owners; however, it is understood loans associated with the property, which has been developed in stages since 1988 (and was officially opened by Charles Haughey) are linked to Nama. The five-star manor resort was last sold in 1987 by the Earl of Dunraven, for £2m to Mr Kane, who admitted buying it “as a lark”; it’s for sale as a going concern, with 62 bedrooms and palatial suites, along with planning permission for 130 houses and a private hospital on ‘surplus’ grounds.