#WaterfordIslandProperty – The Irish Times reports that a receiver has put the luxury island based Waterford Castle Hotel, 18-hole golf course and 48 self-catering guest lodges on the market.
The profitable Waterford Castle Hotel on the privately owned The Island in Waterford Estuary is to offered for sale on the international market after being put into receivership by Nama. The sale will include an 18-hole golf course on the 310-acre island as well as a clubhouse and 48 garden lodges.
Marcus Magnier of Colliers International is to seek in excess of €4.5 million for a unique property that ran into trading difficulties following the property crash in 2008. It was owned by a business consortium, which ran up debts of almost €34 million with AIB before a provisional liquidator was appointed 15 months ago.
Since then business has picked up considerably and, according to one insider, the resort showed a "strong operating profit" in the past year on a turnover estimated at €3.5 million to €4 million. The improved business was due in part to the better than usual weather in the summer months, when the three-bedroom golf lodges attracted weekly rates of up to €800.
The sale will include all fixtures, fittings and equipment, with the exception of the island ferry, which will be sold separately for €700,000.
The ferry as previously reported on Afloat.ie, operates a round- the-clock service and carries up to a dozen cars as well as passengers on the three-minute crossing.
New owners might look at the feasibility of providing a bridge across the estuary now that much cheaper construction procedures have been devised.
For much more the newspaper covers further details of the property and history of the island, by clicking HERE.