Business

Thursday 14 December 2017

O'Gorman to double money on Nama sale

The Kilcooley Estate that was purchased by Newry businessman Tom O'Gorman for €3.6m
The Kilcooley Estate that was purchased by Newry businessman Tom O'Gorman for €3.6m
Sarah McCabe

Sarah McCabe

An 18th-century estate bought by Newry businessman Tom O'Gorman for €3.6m looks set to sell for over €8m - just two years after he bought it.

O'Gorman bought a leasehold interest in Kilcooley Estaste, on a 1,263 acre plot in Tipperary, for €2.1m from Nama and later acquired a freehold interest in the entire site for €1.5m. Now it is up for sale for a reported €8m.

But suggestions that Nama could have got more for the site are off the mark, O'Gorman told the Sunday Independent.

It was put back on the market after he made his €2.1m bid in 2013, he says, and failed to get offers even close to that.

O'Gorman invested most of the proceeds of the sale of his stake in Cove Energy - which was purchased in 2012 for over £1bn by Thailand's PPTEP - in property.

As well as Kilcooley, he bought the Blarney Golf Resort for €2.4m and Clybaun Hotel in Galway for €3.4m.

He considers the Clybaun Hotel his best investment.

"The management are fantastic; it has been restored to the hotel it should have been," he said.

O'Gorman is also interested in investing in offshore oil acreage, as oil prices remain low, and he has received several approaches.

Sunday Indo Business

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