Colliers International reports the sale of the Waterford Castle following an international market campaign.
The 310 acre island with its castle hotel, Des Smyth-designed championship golf course and 45 lodges attracted interest from virtually every continent and following a competitive bidding process the property has been sold to a purchaser with local family interests who resides abroad.
Marcus Magnier of Colliers International who handled the sale was reluctant to give the exact sale price but did indicate that in marketing the property a figure in excess of €5.2m had been given and declared the results to be considerably in excess of this.
John Rohan of Sherry Fitzgerald Waterford acted on behalf of the purchaser.
It is anticipated that the purchaser will now undertake a considerable development programme in accordance with the planning which will include increased function and leisure capacity and the building of further bedrooms adjoining the main castle.
All in all this is a vote of confidence for Waterford City which should benefit considerably when the international standard resort is completed.
Colliers International www.colliers.ie