Trading up: Newcastle West, Co Limerick, €160,000

House costs may going up, but the price of this riverside folly in West Limerick has just come down dramatically.

Fuller’s Folly, a three-storey limestone castle /tower built in the 1870s, first went on the market in 2009 with a guide of €290,000.

Unsold then, the Newcastle West property is now back on with a guide of €160,000.

Liston Auctioneers say the building was previously used as an architect’s design office.

“It has 1,290 sq ft of space and has open place office areas on the first two floors while the third can be used for storage,’ says auctioneer Michael Liston.

Fitted with single-glazed gothic style windows, storage heating and a slate roof, the property needs some upgrading.

A very noticeable town landmark, Fuller’s Folly is located on the banks of the Arra River where it is visible to motorists on the N21.

Mr Liston believes it would be perfect for a tourist venture. “It would make a wonderful café or tea rooms attracting passing traffic on the road to Kerry.”

With the Gothic elements, cut-stone walls, and riverside location, it could also be turned into a highly-individual residence.

Mr Liston says most of the interest to date has come from buyers looking for office space. “It’s in a very accessible location, a five minute walk from the centre of town.”

VERDICT: An affordable folly