Sweet start to year for Munster property market

Munster’s property market has kicked off the new year with an €18m apartment complex sale in Cork City, bought by UCC, along with a €1.35m coastal house sale in West Cork.

Furthermore, there are widespread local reports of a sale going through on the ruined Glengarriff Castle and lands, also in West Cork, for about €1.5m.

The headline sale over the Christmas period is the €18m purchase of the Victoria Mills student apartment complex.

The 418-bed complex at Victoria Cross was privately developed in 2004, and has been bought by UCC’s Campus Accommodation Office. Room rates range from €4,800 to €5,800 per annum.

Also just sold is Drishane Point, near Lough Hyne in West Cork. It has two houses and 30 acres of scenic, rocky headland land by a beach. It went for sale in June at €1.5m via Charles McCarthy in Skibbereen. The UK-based buyer, with Irish roots, paid around €1.35m.

Further west, the sale of the ruined 18th-century castellated gothic Glengarriff Castle, also with water frontage, in one of Ireland’s true beauty spots, is also reported.

Last used as a resort up to the 1970s, it was originally associated with the Earls of Bantry, and was owned by a local consortium who put it up for sale on 86 acres several years ago.

One of the co-owners last night declined to comment on reports it was changing hands for €1.5m. Local sources suggest the buyer is a UK individual, in his 80s, who has bought several Bantry-area investments.