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.

It has a clubhouse and top parkland golf course, designed by Robert Trent Senior. The course has twice hosted previous Irish Opens and Pro-Ams sponsored by JP McManus, and is billed as “an exceptional hospitality experience, situated in the picturesque village of Adare, a 30-minute drive from Shannon International Airport” by John Hughes, of CBRE. It has improved access to Limerick, Galway, Cork and Dublin, he adds.

Dating to 1830 and designed for the Dunraven family by James Pain, to an exacting and ornate specification, down to its feature gargoyles and lofty Minstrel’s gallery, Adare Manor resort is being offered in lots, with up to 766 acres in the mix: main offer is Adare Manor & Golf Resort, on 500 acres by the River Maigue and within the heritage village of Adare, with a second option of agricultural/development land of 257 acres.

Adare Manor won ‘Ireland’s Leading Hotel of The World Travel Awards’ in 2010, 2011 and 2012, and was voted the ‘best resort hotel in Ireland’ in 2009 in the Irish National Hospitality Awards.

Up to 70% of business is from the US, and Hughes says there is “considerable potential to grow business, particularly from the North American and Asian markets.” A number of mansions and townhouses were built in the past decade in Adare Manor, several selling for millions of euro.

Details: CBRE 01-6185500