‘€3m apartment sale’ in Ballinlough may be for large part of complex

THE Price Register has seemingly thrown up a pre-Christmas sale anomaly, listing an apartment on Cork’s Ballinlough Road as a €3 million sale.

That sum was attributed to No 16 Thornhill, in scheme of 18 apartments built in 2005 in two blocks by PJ Walls for Cork businessman/developer Sean Wyse.

It’s likely the reported transaction could involve a transfer of assets, or an off-market sale, of a large number of the 18 units.

Thornhill, built on the site of Sean Wyse’s one-time Teschem chemical company on the Ballinlough Road, had had individual units offered for sale in 2005, at €365,000/€385,000. They were taken off the market shortly afterwards unsold, and have been rented out since. No offer of sales at Thornhill was made public prior to the Price Register report of last month’s €3m transaction.

Mr Wyse’s Kerry property, Clashnacree, went to the open market last year, guiding €1.9m. The Victorian property on 22 acres adjoining Parknasilla was designed by the same architect James Franklin Fuller. Mr Wyse acquired Clashnacree for €1m at auction in 2000, after it was seized by the CAB as part of the assets of a Dutch drug dealer.

The Price Register also records the sale of Apartment 1, Hammond Marsh House in Cork city in December, for €975,000. The sale covers the seven apartments at the late 1990s-built corner building by the Mercy Hospital complex at 7/8 Henry Street. It had gone to a November 2016 Allsop auction guiding c €775,000, with a rental income of €69,900 pa.