Killarney’s ‘halo’ effect

A SUPER-STRONG land sale result in the heart of Killarney by the National Park at Port Road, via private auction, “is very good news for Killarney,” says local agent Tom Spillane, as 6.45 acres of residential development land sold for €2.45 million, for a receiver.

Killarney’s ‘halo’ effect

It’s an average of €380,000 per acre, strong by any Munster city or town levels for house building land.

First offered to the market last year jointly with Tom Spillane and Chris O’Callaghan of Savills, it was then guided at €690,000, before being taken off-market. This was later revised on relaunch by October 2014 to €1.4 million — the level at which bidding opened on Friday last at private auction, attended by two parties with a third on telephone bids.

It bought by a local solicitor, thought to be acting in trust for a local buyer. The strength of the bidding has surprised many market observers, noting it clearly tapped into a Killarney ‘halo’ effect.

It’s not known yet whether the new owner will sit on it for a period, or build in the short to medium term.

Current planning guidelines allow for 12-16 units to the acre, indicating a mix of townhouses and duplexes, but sources say it’s more suited to a lower density of higher value homes.

The site, adjoining a larger landbank sold by the Sisters of Mercy, is 1.5kms from the centre of Killarney, is adjacent to the Killarney National Park with views, and there’s pedestrian park access directly alongside. It’s 400 metres from the N72 Ring of Kerry Road and the Hans Liebherr Road.

Future development will require revised planning permission on at least a portion. “The property is the prime development site in Killarney and interest — and demand - was always going to be strong,” said joint agents Tom Spillane and Chris O’Callaghan. “But, we were pleasantly surprised to reach such a level, the sale sets a new benchmark for land values in the Munster region”.

  • Meanwhile, also in Kerry, significant deals are progressing in Wateville on two separate holiday home developments, while local reports also hint at imminent deals on at least one, if not several of Waterville’s hotels and golf course, to a US buyer in off-market negotiations.

More public are the sale of 12 large holiday homes at the Cloisters, Waterville, which had been guiding €1.2m via Tom Spillane for PWC receiver Michael O’Regan and is now close to sale finality.

A development of 24 practically completed holiday homes on six acres at Loch Corran, Waterville, by Dunboy Construction, is set to be finalised. It is being bought by a Leinster-based buyer via Lisneys, acting for receivers. It has sold for over its €500,000 guide, after widespread Munster and national interest.

Details: Savills, 021-4271371 Tom Spillane & Co, 064-6633066

Lisney, 021-4275079

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