Sunday 25 February 2018

Property tycoon Birrane lines up €27m hotel and holiday homes development

 

Developer and race track owner Martin Birranein
Developer and race track owner Martin Birranein

John Reynolds

Irish property investor and Mondello Park race track owner Martin Birrane aims to build a €27m hotel and holiday home development at Clonea Stand, near Dungarvan on the Waterford coast, the Sunday Independent has learned.

A statement from the Mayo man's London-headquartered company Peer Group said there is an opportunity for a 100-room hotel and up to 80 holiday homes and townhouses for letting, together with facilities for water sports on the adjacent beach.

The project aims to cater to increased tourism in the area due in part to the success of the Deise Greenway and the Ireland's Ancient East tourist trail.

An original planning application for the site was granted in 2008 and then renewed in 2013. This will expire next year however, meaning new permission is required, it is understood.

"Clearly it is not possible to put in all the supporting infrastructure, commission all the necessary facilities and complete what will be a substantial development within this timeframe [before the end of 2018]," the company said. "It is also the case that people's requirements, partly due to economics and partly to the continuing development of the leisure scene, have changed since the original application.

"The company has a team of professionals working with local planners and community leaders to identify the most suitable leisure, tourism and lifestyle facilities for Clonea which should in turn enhance the economic and leisure opportunities for Clonea, Dungarvan and the community in the surrounding area," it added.

Birrane's company saw its assets boosted by €23.7m last year to €243m for the 12 months to last July. Despite concerns over a slowdown in the London commercial property market, its properties in and around the city's South Bank are mostly let or under offer. Speaking to the Sunday Independent last November, Birrane said that the UK "may be in for a couple of difficult years due to Brexit," but that he didn't believe it will be "economic Armageddon for the UK or Ireland. No Brexit deal would make it easier for everyone to get on with life," he suggested, adding that he hoped whoever is the new Taoiseach "would stand up to Europe, which hadn't happened in previous years".

The 81-year-old avid car collector and motoring fan hopes to treat himself to a Ferrari California soon and get his hands on one of Ford's sought-after new GT supercars.

Sunday Indo Business

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