Monday 19 March 2018

Prices slashed for pubs and hotels in the west

Donal Buckley

The asking prices for two regional hotels and two Galway pubs have been slashed.

Kincora Hall Hotel in Killaloe, on the Clare/Tipperary border, is being offered for sale and the receiver, Gearoid Costelloe of Grant Thornton, is expecting it will fetch in the region of €500,000 to €600,000.

This is a sharp drop on the €3m it was expected to achieve in 2010 when the then owners Matt and Muriel Sherlock brought it to the market. Its accommodation includes 31 en suite bedrooms as well as a function room with 150 seat capacity, a bar, restaurant and two kitchens.

Set on an elevated two acre site on the eastern foreshore of Lough Derg, in the heritage town of Killaloe, it has direct access to a boating marina.

This hotel was developed in 1995 and themed on the area's famous historical resident, Brian Boru, High King of Ireland.

Its accommodation also includes a library and a large reception lobby.

The hotel ceased trading last summer as a fully licensed and freehold property.

Dermot Curtin of CBRE Hotels says that with the modern design this property also has exciting potential for alternative uses such as a water based activities/adventure centre, a residential training/educational facility, a retirement home, a marina clubhouse or a HQ for a hospitality/catering related business.

Meanwhile CBRE are also agents, along with Mullery Auctioneers, for three premises in Clifden, Co Galway, whose asking prices have been slashed and for which they are inviting best bids at noon on May 23. They are being sold by receiver Paul McCann of Grant Thornton.

They include the Rock Glen Hotel, with 27 en suite bedrooms on an elevated 23 acre site with coastal views and a detached three bedroom family home. Its price has been cut from €1m to €450,000. In 2003 this was offered for sale with €4m asking price.

In Clifden town, J Conneely's Bar and night club, along with eight overhead apartments in a 1,900sqm complex has a €750,000 guide price down from €1.1m.

Also in Clifden, The D'Arcy Inn, a compact three-storey town centre bar in need of refurbishment has had its asking price halved to €200,000.

Indo Property

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