Sunday 19 November 2017

€1m for 107 acres in Delgany a long term investment

Glen of the Downs Golf Club has a 99-year lease on the land
Glen of the Downs Golf Club has a 99-year lease on the land
Ronald Quinlan

Ronald Quinlan

Investors are being given the opportunity to acquire a significant land holding of 43.6 hectares (107 acres) in Delgany, Co Wicklow, for €1m.

Acting on the instruction of receivers Grant Thornton, CBRE are offering the lands at Coolnaskeagh for sale in one lot.

Located just off the M11, the land is currently occupied by Glen of the Downs Golf Club on a 99-year lease from 1995.

The holding is situated 4km west of the bustling north Wicklow town of Greystones and 3km north of Delgany village.

Given the Glen of the Downs Golf Club's lengthy unexpired lease term, interest in the land is likely to be confined to investors seeking to acquire and hold it for the long term, as opposed to parties looking to increase its value and achieve a return through any application for rezoning, redevelopment and resale.

Commenting on the sale of the 107 acres at Coolnaskeagh, CBRE's Peter Garrigan said: "This opportunity allows interested parties to acquire a significant land bank approximately 30km from Dublin city centre.

"We anticipate an asset of this calibre will attract interest from both domestic and international parties."

Separately, developers Castlepark Building Company made an approach last year for the 127-acre Greystones Golf Club, in which it offered to relocate the club from the historic Burnaby area of the seaside town to Bellvue Hill in Delgany between the existing Delgany Golf Club and the Glen of the Downs Golf Club.

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