THE Health Service Executive (HSE) has slashed its guide price from €5m to €1.5m for an eight-acre Carlow town property.
Known as Kelvin Grove, it is one of a number of former psychiatric properties which the HSE had previously estimated could raise €50m between them. A tranche of these are expected to raise €10m before the end of this year.
Explaining Kelvin’s reduced valuation, a spokesperson said that the higher valuation was based on its previous residential zoning but it is currently zoned educational/institutional.
A period Victorian house, Kelvin was extended to 10,000 sq ft and has development potential arising from its 180m frontage to the Athy Road and its proximity to businesses such as those at The Seven Oaks Hotel, the Gateway Business Park and Strawhall Industrial Estate.
Local agents Sothern Real Estate Alliance will auction the property on October 28.
In March this year the HSE said it expected to raise €50m within a year from the sale of more than 14 properties involving more than 500 acres of land in locations ranging from Enniscorthy to Letterkenny and many of them close to urban areas.
HSE’s March targets included: Kilkenny 20 acres valued at €10 million; Clonmel 200 acres valued at €6m; Portlaoise 10 acres, €6m. Various houses including Castlepollard, Co Westmeath, €4m; Tua Nua, Kildare, seven acres, €5m; St Loman’s, Mullingar, Westmeath, six acres, €3.5m; Our Lady’s Hospital, Cork City, 17 acres, €2m; Letterkenny, 40 acres, €4m; Enniscorthy, 100 acres, €3m; and Ballinasloe, 110 acres, €3m.