Guide price for the 24 substantially-completed homes is €500,000, and some estimates say it could take as much again to link them up to services and to complete them to a lettable state.
However, with the prospect of 24 holiday lets all-in for c€1m, in a tourist ‘brand’ and golfing location like Waterville, good interest from a wide spectrum of investors and builders is expected.
The 24 detached three- and four-bed houses are in a central village scheme by South View Terrace, called Loch Corran, for which planning permission was granted to Dunboy Construction in 2006.
It’s understood the sale now for joint receivers, Michael O’Regan and William O’Riordan of PWC is on behalf of a different Munster individual/partnership.
When planning was granted in ’06 for Loch Corran, a stipulation was that the houses couldn’t be occupied until Waterville’s sewage facilities were upgraded: that local services upgrade has since occurred, but the development isn’t yet linked up to it.
Set on six acres on the eastern side of Waterville, Loch Corran has ten 1,119 sq ft detached three-beds houses and 14 detached 1,292 sq ft four-beds.
Agents Mark Kennedy and Edward Hanafin of Lisney say the two-storey houses are substantially completed, but have suffered from some vandalism. They have been unoccupied since built in the mid-late 2000s and now “require finishing works and snagging, with site completion works required.”
The sale’s via private treaty.
Overlooking Ballinskelligs Bay and mid-way on the Ring of Kerry/Wild Atlantic Way Waterville is a long-established holiday spot, with several hotels and two well-regarded golf courses, with a number of beaches nearby, including Ballinskelligs.
Meanwhile, interest is progressing in the sale of 11 out of 13 well-built Waterville holiday homes at The Cloisters, new to market last month with agent Tom Spillane guiding €1.2 million.
Built as tax-incentivised holiday lets and only requiring minimal extra investment, these larger Cloisters houses are offered for receiver Michael O’Regan, of PWC and range in size from 2,200 to 2,500 sq ft.
Lisney 021-4275079 Tom Spillane & Co 064-6633066