Everything thrown in

Money talks, and now — will it talk Blarney? A change of agent sees a renewed ‘value for money’ stress on the Blarney Golf Resort in Cork.

For €2.5 million a buyer may now get a 61-bed, trading, four-star hotel on 168 acres near world-brand Blarney and Cork city, with 38 two-bed holiday lodges.

It includes the 18-hole golf course designed by John Daly, and a membership of 350, as well as a leisure centre with 700 members. It all opened to fanfare back in 2006, after a reported development cost of €40 million, but quickly got into financial difficulties, and legal difficulties, and has been in receivership for a number of years, after being one of the country’s earliest hotel/golf resort collapses from weight of debt.

Blarney Golf Resort opened initially as a Ramada hotel, but by 2008 it was in receivership and was put to market for €20 million.

By 2009, the asking price was reduced to €12 million, and by 2010 it was €10m — and then €7m. By 2012 it was slashed further to €3.9m and finally was getting traction from a range of interests in ‘13 from farmers, golf club members, hoteliers and overseas investors, most likely at a sub-€3m sum.

Now, with agents Tom Barrett and Denis O’Donoghue of Savills Dublin and Cork just appointed by receiver Billy O’Riordan of PWC, the quoted asking price is given as €2.5m.

It’s understood about 13 of the original golf lodges have been sold, but the current mix includes 38 completed holiday lodges.

So, here’s some variations on the maths at the Blarney Golf Resort: on lodge value alone, that’s €65,000 per two-bed lodge — and everything else thrown in. On land values alone, it’s €14,880 per acre — and everything else thrown in.

On price per four-star bedroom, it’s €41,000 per en suite room, with the bar, dining room, 200-person function facilities and 20m swimming pool — among the ‘everything else thrown in’.

Or, you could price it per golf hole, and it’s circa €139,000 per hole, to an acclaimed John Daly design — and a chorus of ‘everything else thrown in’.

Oh, and there’s a clubhouse, and a children’s playground, and it’s close to Tower, Blarney and Cork city.

Agent Savills note: “The quantum and quality of the property relative to the guide price creates an interesting proposition.” No Blarney — and everything else thrown in.

Details: Savills, 021-4271371.


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